CEAT board appoints Arnab Banerjee as MD and CEO

CEAT announced that its board approved the appointment of Arnab Banerjee as managing director (MD) and chief executive officer (CEO) for term of two years with effect from 1 April 2023.

Arnab Banerjee is an alumnus of the Harvard Business School, IIM Kolkata and IIT Kharagpur. He joined CEAT in the year 2005 as vice president, sales and marketing. He has executive experience of over 30 years during which he has worked in CEAT, Marico and Berger Paints.

Banerjee has also appointed as chairman of the finance and banking committee of the company with effect from 1 April 2023.

Anant Goenka has been appointed as non-executive non-independent director, designated as vice chairman of the company with effect from 1 April 2023. He continues to serve as chairman of the sustainability and corporate social responsibility committee of the company.

"Anant Goenka, son of RPG group chairman Harsh Goenka, will now take up strategic functions at the group level for its next stage of growth," the company said.

Harsh Goenka, chairman of CEAT and RPG Enterprises, said, Anant has had an exciting time at CEAT and has been able to lead the company through a transformative phase where technology, brand-building and capacity-creation have been the key themes. As vice chairman of the company, I am sure he will be able to focus more on specific subjects besides his deeper engagement in driving new businesses at the group level. I wish Arnab and his team success as they take CEAT to a new phase of growth and excellence.

CEAT is engaged in leading tyre manufacture with global presence, publishes yearly reports that detail both financial and non-financial performance.

CEAT reported consolidated net profit of Rs 35.39 crore in Q3 FY23 as compared with net loss of Rs 20.01 crore in Q3 FY22. Net sales rose 13% to Rs 2,727.20 crore in Q3 FY23 as against Rs 2,413.27 crore in Q3 FY22.

Shares of CEAT were up 0.75% to Rs 1,388.95 on the BSE.

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