New Delhi [India], April 25 : Shares of Crompton Greaves Consumer Electricals Limited dropped over 10 per cent during early trade Tuesday, a day after its CEO resigned from his post.
At the time of writing this report, the shares were trading at Rs 259.85, down 11.69 per cent from its Monday's closing.
On Monday, the company informed stock exchanges that its CEO and Executive Director Mathew Job resigned to pursue "other career interests".
"He will step down as the Executive Director with effect from close of business hours on April 24, 2023, and as the CEO with effect from the close of business hours on April 30, 2023," the company said.
During his notice period over the next three months, Job will work closely with the new Managing Director to ensure a smooth transition.
Meanwhile, the Board has resolved to appoint Promeet Ghosh as the company's new Managing Director and CEO effective May 1, 2023.
"I am honoured to be given the opportunity to join the strong management team at CGCEL. Crompton has enjoyed the enduring trust of consumers for over 90 years and is uniquely positioned to seize rapidly emerging market opportunities in the consumer electricals space," said MD and CEO designate Ghosh.
Crompton Greaves Consumer Electricals Limited, a listed entity on the Indian stock exchanges which was incorporated on February 25, 2015, has two business segments - Lighting and Electrical Consumer Durables. The Company markets its products under the 'Crompton' brand.
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