Stock Report

Anant Goenka named as the Vice Chairman of CEAT Ltd

Posted On : 2023-03-20 22:39:45( TIMEZONE : IST )

Anant Goenka named as the Vice Chairman of CEAT Ltd

The Board of Directors of CEAT Limited (CIN No: L25100MH1958PLC011041), an RPG Group company, at its meeting held on 20th March 2023, named Anant Goenka as the Vice Chairman of the tyre major. This appointment, effective 1st April 2023, follows Anant Goenka's decade-long stint as MD & CEO of CEAT, a phase that witnessed a significant transformation of the tyre major, in technology, branding and production capabilities.

The move also progresses the Board's succession plan for the company with Arnab Banerjee, currently Chief Operating Officer, taking charge as the new MD and CEO.

Anant Goenka, son of RPG Group Chairman Harsh Goenka, will now take up strategic functions at the group level for its next stage of growth. Anant is an MBA from Kellogg School of Management and a graduate in Economics from the Wharton School, University of Pennsylvania. He was recognised by Forbes magazine as the 'Next Generation Business Leader of the Year' in 2017 and as 'India's 40-under-40 Business Leaders' by Economics Times-Spencer Stuart.

Anant led CEAT through a highly transformative ten-year period which saw the market capitalisation of the company grow from Rs 370 crore to Rs 5800 crore. The Company became the only tyre maker outside Japan to receive the coveted Deming Prize and is now the only tyre facility in the world to receive the Lighthouse certification by the World Economic Forum.

"Anant has had an exciting time at CEAT and has been able to lead the company through a transformative phase where technology, brand-building and capacity-creation have been the key themes. As Vice Chairman of the Company, I am sure he will be able to focus more on specific subjects besides his deeper engagement in driving new businesses at the group level. I wish Arnab and his team success as they take CEAT to a new phase of growth and excellence", said Harsh Goenka, Chairman of CEAT and RPG Enterprises.

Arnab Banerjee has executive experience of over 30 years during which he has worked in CEAT, Marico and Berger Paints. Arnab is an alumnus of the Harvard Business School, IIM Kolkata and IIT Kharagpur. He joined CEAT in 2005 as Vice President, Sales and Marketing. Under his leadership, CEAT has seen innovation in marketing, digital capabilities, sales and distribution strategy, manufacturing flexibility and seamless supply chain processes. The Board of the Company had been grooming Arnab to take over the top post at the company, giving him company-wide exposure as its Chief Operating Officer.

Shares of CEAT Limited was last trading in BSE at Rs. 1378.55 as compared to the previous close of Rs. 1399.85. The total number of shares traded during the day was 12518 in over 1734 trades.

The stock hit an intraday high of Rs. 1410.40 and intraday low of 1357.60. The net turnover during the day was Rs. 17333143.00.

Source : Equity Bulls


CEAT INE482A01020 RPGGroup Appointment ViceChairman