The commercial vehicle manufacturer today announced that Shenu Agarwal has been appointed as MD & CEO of the company with immediate effect.
The board of Ashok Leyland at their meeting held on 8 December 2022, based on the recommendations of the Nomination and Remuneration Committee, has appointed Shenu Agarwal as the managing director and chief executive officer of the company for a period of five years from 8 December 2022 to 7 December 2027, subject to the approval of shareholders.Assuming charge, Agarwal will drive the technology development, growth, and future strategy for the company towards achieving our vision to be among the top 10 commercial vehicle players globally.
Shenu joins Ashok Leyland from Escorts Kubota, where he was President. He was chief executive for the Agribusiness for more than 7 years and associated closely with the transformation of Escorts into a leadership position by ushering in contemporary global standards of design, quality, and manufacturing.
Dheeraj Hinduja, executive chairman, Ashok Leyland observed, "Shenu has a proven track record as a leader from a business conglomerate and is an allrounder having worked in different capacities in many disciplines. Our focus on reliability, ambition to achieve global scale, and our constant pursuit of enhancing stakeholder value at Ashok Leyland all will get further strengthened with Shenu at the helm. I am optimistic that the company will carve new niches in the mobility sector soon under his stewardship and I wish him the very best for the future," he said.
"I am honoured and feel privileged to be part of Ashok Leyland an institution with a rich 75-year legacy of pioneering technology leadership. I look forward to working closely with all the stakeholders and employees to help achieve in an accelerated manner Ashok Leyland's Vision to be among the Top 10 CV manufacturers globally," Agarwal added.
Ashok Leyland is engaged in manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings and castings.
The company reported a net profit of Rs 199 crore in Q2 FY23 as against a net loss of Rs 83 crore in Q2 FY22. The revenues for the quarter stood at Rs 8,266 crore as against Rs 4,458 crore in Q2 FY22.
The scrip shed 0.03% to settle at Rs 145.05 on the BSE.
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