The board of directors of CG Power and Industrial Solutions (CG Power) has selected Amar Kaul as the next managing director (MD) and chief executive officer (CEO) for a period of five years beginning July 25 this year.
The board was engaged for the last several months in finding a successor for the incumbent managing director N Srinivasan. Srinivasan has led the company since the takeover by Tube Investments of India Ltd in November 2020.
Vellayan Subbiah, as the chairman of CG Power, will continue to provide strategic guidance and oversight over the governance process. Kaul has over 30 years of total work experience, 12 years of which has been overseas experience. Starting his career as a quality consultant, Kaul has worked across manufacturing, application engineering, supplier and quality development, and deployment of Six Sigma and lean manufacturing.
Kaul was in the executive leadership position leading the EMEIA (Europe, Middle East, India and Africa) region for compression systems and services in Ingersoll Rand. He also served as the chairman and managing director of Ingersoll Rand, a listed company in India. Prior to this, he held senior leadership positions in Bharat Forge Ltd. and Delphi. Kaul has proven ability to strategise, execute, and manage high growth and foster innovation across engineering, capital goods, and the automotive industry, sectors that are important to CG Power.
Kaul holds a B. Tech (Mechanical Engineering) from G.B. Pant University and an MS degree (Engineering Business Management) from Warwick University in the U.K.
Srinivasan has scripted a remarkable turnaround of CG Power, indeed one of its kind in Indian corporate history, with a performance measured across all metrics such as growth in revenue, Ebitda margins, capacity expansion, profitability, business diversification, and addressing all legacy issues covering areas such as financial accounts and tax disputes.
The result of all the above is also reflected in the 20-fold growth in share price from the date N Srinivasan took over as the managing director to the closing price on July 5, 2024.
Srinivasan has built a very high-quality senior management team who will provide continuity to the management team and thereby support both the smooth transition of leadership and ensuring continuity in business momentum. Srinivasan will also be available to support the transition as needed.
First Published: Jul 08 2024 | 7:11 PM IST
