STL announces leadership transition

STL [NSE: STLTECH], an industry-leading integrator of digital networks, today announced that Dr. Anand Agarwal will be stepping down as CEO and Director of the Company with effect from 2nd Dec 2021, to pursue his personal interests. The board has accepted his resignation and appointed Mr. Ankit Agarwal as the Managing Director of the company with immediate effect. Anand, who has been with the company for 26 years, will advise and support the company during this transition. The company will be run by a Management committee comprising the MD, CFO, CHRO and CCO who will enable key decisions collectively under the guidance of the Board and the Chairman.

Appreciating Anand for his contributions, Mr. Anil Agarwal, Chairman of STL, said, "At STL, we have the responsibility to transform billions of lives with networks that create opportunities and jobs for everyone, including the most underserved in India and across the world. Over the past many years Anand has helped transform the company from a leading optical player to a global technology company. I wish him all the best in his future endeavours and welcome Ankit in his new role to take the company to newer heights."

Ankit is a whole-time director and has been with the company since 2010 most recently as Chief Executive of the Optical business. He has actively driven key global customer wins, strategic acquisitions, global talent addition, capacity expansion , and multifold revenue and order book growth. Commenting on his appointment, Ankit said, "I am excited and honored to drive the company in its next phase. We are well placed to capture the significant growth opportunities, and enable our customers to create advanced digital networks through our four integrated capabilities of optical networking, 5G wireless, network software and system integration services."

Reflecting on his journey, Anand remarked, "I am very proud of everything we have accomplished at STL. The company is now well positioned for the next phase of growth with a focused strategy and a great leadership team. I have decided to transition and focus on my next endeavour. I am deeply thankful for the support of an exceptional team of over 3000 STLers and guidance from our board and Chairman."

Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 284.00 as compared to the previous close of Rs. 278.30. The total number of shares traded during the day was 50679 in over 1340 trades.

The stock hit an intraday high of Rs. 288.55 and intraday low of 278.10. The net turnover during the day was Rs. 14334289.00.

Source : Equity Bulls

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SterliteTechnologies STL INE089C01029 STLTECH TelecomServices Resignation Appointment