Bajaj Electricals rose 1.29% to Rs 955.45 after the company said that it has appointed Ravindra Singh Negi as chief operating officer (COO) of its consumer products business and Rajesh Naik as head of the lighting business.
Both executives will report to Anuj Poddar, executive director, Bajaj Electricals.
Negi will join Bajaj Electricals in July 2022 from Havells India, where he was president of the electrical consumer durables segment. Prior to that he spent nearly two decades in Bharti Airtel in various roles, with his final role being CEO of the Delhi and NCR telecom circle.
Additionally, the company has also announced the formation of a unified lighting business segment by combining its consumer lighting business and its professional lighting business, which will be led by Rajesh Naik. Naik joined Bajaj Electricals in December 2019 and in this period has led a turnaround of the lighting business taking it to the leadership position in the industry. Naik has over two decades of experience in the sector.
The reorganisation and strengthening of the company's leadership is on the back of the on-going and significant transformation journey. Over the last three years, Bajaj Electricals has undertaken multiple initiatives including the acquisition of further stakes in Nirlep Appliances, Starlite Lighting and the planned scheme of arrangement for split of the entity into two independent publicly listed companies (upon a demerger of its power infrastructure business). The planned split is likely to come into effect later this fiscal.
Further, the company achieved a key strategic milestone of becoming net-debt-free as on 31st March 2022.
Anuj Poddar, executive director at Bajaj Electricals, said, As we look forward to our next phase of this transformation, we are committed to even more aggressive growth and to driving operational excellence across our businesses. The reorganisation and strengthening of our leadership are designed to enable this.
I am pleased to welcome aboard Ravindra, who comes with a stellar professional track record and strong leadership skills. I am confident that he will be able to drive strong performance of our consumer products business.
Further, in Rajesh, we already have a very strong leader who has successfully driven our lighting business to leadership position. With his widened responsibility as Head of the unified lighting business, I am sure that he will bring to fore his deep experience and sharper focus on this overall business to re-assert Bajaj Electricals' leadership in the Indian marketplace.
Bajaj Electricals, a part of Bajaj Group, makes consumer products (appliances, fans, lighting) and executes EPC contracts (illumination, transmission line towers and power distribution).
The company had reported 28.7% fall in consolidated net profit to Rs 39 crore despite a 6% rise in net sales to Rs 1,293.26 crore in Q4 FY22 over Q4 FY21.
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