Street hammers Crompton Greaves Consumer Electricals shares after CEO Mathew Job quits; Promeet Ghosh named new CEO

Crompton Greaves Consumer Electricals shares plunged to a 52-week low on Tuesday, after the company’s CEO and MD Mathew Job stepped down to pursue other career interests. The consumer electric company appointed ex-Temasek India Deputy Head Promeet Ghosh as CEO and Managing Director. Ghosh will assume charge from May 1 for a period of five years, till April 30, 2028.

Crompton Greaves Consumer Electricals (CROMPTON) shares slumped more than 13 per cent to Rs 255.5 apiece on BSE, breaking below their existing 52-week low of Rs 278.1, hit on March 20, 2023. 

Promeet Ghosh is a graduate in engineering (electrical and electronics) from the National Institute of Technology, Trichy. He also holds an MBA from the Indian Institute of Management,Calcutta.He has been an investment banker for two decades, and served as director on the boards of various companies across sectors, according to an exchange filing.

The company’s board elevated Shantanu Khosla as executive vice-chairman for a period of one year from May 1, 2023, and thereafter as non-executive vice chairman, till December 31, 2025, according to the filing.

Khosla will be relinquishing his position as the company's MD with effect from the close of business hours on April 30, 2023, the company said.

Crompton Greaves shares have lost more than 30 per cent of their value in the last one year, a period in which the Nifty50 headline index has risen nearly five per cent. In 2023 so far, the stock has dropped more than 25 per cent.

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