CEAT Ltd said on Monday that its Managing Director and CEO, Anant Goenka, has resigned to focus on group activities and has been named as its Vice Chairman.
The company's board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO.
Goenka stated that he wanted to hand over the charge of the company to a successor with a view to focus on initiatives at the group level. He sought to be relieved of his duties as MD CEO of the company with effect from March 31, 2023, while continuing as a board member, CEAT Ltd said in a regulatory filing.
The appointment, effective 1 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, said the company in a stock exchange filing.
Anant Goenka, son of RPG Group Chairman Harsh Goenka, will take over strategic functions at the group level for its next growth. Anant is an MBA from Kellogg School of Management and a graduate in economics from the Wharton School, University of Pennsylvania.
Anant led CEAT through a highly transformative ten-year period that saw the market capitalisation of the company grow from Rs 370 crore to Rs 5,800 crore. The company said it was the only tyre maker outside Japan to receive the coveted Deming Prize and is now the only tyre facility in the world to have received the Lighthouse certification from 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. Harsh Goenka, Chairman of CEAT and RPG Enterprises, wishes Arnab and his team success as they take CEAT to a new phase of growth and excellence.
He has over 30 years of experience in CEAT, Marico and Berger Paints. Arnab is an alumnus of Harvard Business School, IIM Kolkata and IIT Kharagpur. He joined CEAT in 2005 as Vice President, Sales and Marketing.