Castrol India appoints Rakesh Makhija new chairman

Lubes maker Castrol India on Tuesday announced key leadership change at the board level, bringing in industry veteran Rakesh Makhija as the Chairman following the incumbent R Gopalakrishnan stepping down after 24 years of service, including five years as its chairman.

Makhija assumed the role of Chairman on October 1, Castrol India said.

He has held senior positions at companies such as SKF Group, Tata Honeywell Limited, and Honeywell International, and was recently the non-executive Chairman of Axis Bank Ltd, it said.

Castrol India has also roped in Satyavati Berera as an independent director and audit committee chairperson, effective October 1, replacing Uday Khanna, who retired after a remarkable tenure with the company, it said.

Berera, a former Chief Operating Officer of PwC India, brings with her over four decades of experience in business leadership and governance.

It also said that Sangeeta Talwar, an independent director with extensive experience in marketing, sales, and leadership roles at various global corporations, will continue to serve on the board.

She will continue to Chair the Nomination Remuneration and Compensation (NRC) Committee as well as assume the Chairmanship of the Corporate Social Responsibility (CSR) committee, it stated.

All the appointments are subject to approval of the company's shareholders, Castrol India said.

"Makhija's wealth of industry knowledge, combined with Berera's extensive experience in governance, will be instrumental as we continue to accelerate our growth and build on our legacy. I also extend my sincere gratitude to Gopalakrishnan and Khanna for their invaluable contributions to the company," said Sandeep Sangwan, Managing Director at Castrol India.