Stove Kraft slipped 4.13% to 505.50 after its chief executive officer (CEO) and whole time director, Rajiv Nitin Mehta informed that he intents to resign from the company to pursue opportunities outside the group.
The company said that the formal resignation of Rajiv Mehta will be placed before the board of directors at the forthcoming meeting.
Mehta has played a key role in the growth and development of the company including successful listing of the firm on 5 February 2021.
Stove Kraft stated in the press release, We would like to assure our shareholders, employees, customers, and other stakeholders that the company's operations are running normal. The company has implemented a new organization structure to help achieve its strategic goals and support future growth.
This revised structure has four new executive positions, viz., chief revenue officer, chief operating officer, chief human resources officer and chief growth officer, in addition to existing position of chief financial officer, and the team has already started working towards achieving the organizational goal, it added.
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Further, the firm said, We are actively evaluating candidates for a chief growth officer to drive growth across 3 brands and products, and we are also in the process of on-boarding the chief human resources officer.
Stove Kraft is one of the leading brands for home & kitchen appliances in India. It is one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs, cooktops and non stick cookware.
The company's net profit jumped 13% to Rs 25.90 crore on 12% rise in net sales to Rs 406.20 crore in Q2 FY23 over Q2 FY22.
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