Seshagiri Rao retires, steps down from JSW Steel board after 24 years

Seshagiri Rao (65), joint managing director and group chief financial officer, JSW Steel, has stepped down from the board after 24 years, on superannuation.

JSW Steel informed the stock exchanges on Wednesday that Seshagiri Rao, joint managing director and group chief financial officer (CFO), ceased to be a wholetime director of the company with effect from April 6. This was on completion of his term approved by the shareholders at the 26th annual general meeting of the company held on July 23, 2020 (April 6, 2020 to April 5, 2023).

Rao superannuated from the services of the company and consequently stepped down from the board, the company said.

However, he would be associated with the group in an advisory role. The company mentioned that he ceased to be a director with effect from April 6, but would continue to be associated with the group as ‘Group CFO’.

“The company places on record its deep appreciation of the valuable services rendered by Mr Seshagiri Rao MVS during his tenure with the company,” the filing said.

Rao joined the company in 1997 as CFO and was appointed to the board in 1999. He played an active role in the merger and acquisitions over the years. Notable among them were the merger of JISCO and JVSL and acquisitions of SISCOL, Ispat, Bhushan Power & Steel, Asian Colour Coated Ispat, Vardhman Industries.