Goodyear India Ltd appoints Mr. Sandeep Mahajan as MD

Goodyear India Ltd has announced that Mr. Rajeev Anand (DIN: 02519876) has ceased to be the Managing Director with effect from the close of business hours on May 31, 2020. The board has approved the appointment of Mr. Rajeev Anand (DIN: 02519876) as Whole Time Director to be designated as an Executive Chairman with effect from June 01, 2020 to September 30, 2020 along with terms and conditions and remuneration payable, subject to the approval of the shareholders at the ensuing Annual General Meeting.

The board also approved the apointment of Mr. Rajeev Anand (DIN: 02519876) as Non-Executive Director to be designated as a Non-Executive Chairman with effect from October 01, 2020 till December 31, 2020, subject to the approval of the sharehOlders at the ensuing Annual General Meeting.

Mr. Anand has held numerous senior leadership roles in India and ASEAN over the past 40 years in Goodyear.

Under his leadership, the Company has attained sustained level of performance and overall business growth.

Mr. Anand has always focused on accelerating growth, developing operational excellence, building a high performance culture and strong corporate governance within Goodyear.

He has deep knowledge and experience in business strategy, manufacturing operations, program execution, long cycle investments and customer value creation.

The company has also announced the resignation of Mr. Mitesh Mittal (DIN: 05231968) as a Whole Time Director designated as Finance Director of the Company with effect from the close of Business Hours on May 31, 2020. However, Mr. Mitesh Mittal will continue to be the Chief Financial Officer and a Key Managerial Personnel of the Company.

The board has approved the appointment of Mr. Sandeep Mahajan (DIN: 08627456) as an Additional Director with effect from June 01, 2020 to hold office till the conclusion of the next Annual General Meeting. He has also been appointed as a Managing Director of the Company with effect from June 01, 2020 for a period of 5 years or upto the date of superannuation / retirement, whichever is earlier, along with terms and conditions and remuneration payable, subject to the proval of the shareholders at the ensuing Annual General Meeting.

Mr. Sandeep Mahajan has over 29 years of experience with large multinational companies. He has extensive P&L as well as sales and marketing experience, both in Indian and key global markets. He has also been associated with launching new brands and categories in these markets.

Mr. Mahajan started his career with Tata Steel Ltd and has had extensive sales & marketing experience at Hindustan Unilever Ltd. Mr. Mahajan has been with Goodyear for the last 8 years. Prior to Goodyear, Mr. Mahajan was the General Manager at LG India.

Mr. Mahajan holds a Bachelor's in Engineering (Mechanical) and a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore.

Shares of GOODYEAR INDIA LTD. was last trading in BSE at Rs.686.9 as compared to the previous close of Rs. 702.15. The total number of shares traded during the day was 14033 in over 805 trades.

The stock hit an intraday high of Rs. 707.95 and intraday low of 680.15. The net turnover during the day was Rs. 9715920.

Source : Equity Bulls

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