Ashok Leyland, a subsidiary of Hinduja group, announced on December 8, 2022, that they had appointed Shenu Agarwal as the new Managing Director and Chief Executive Officer for a period of five years from December 8, 2022, to December 7, 2027. However, the decision is yet to be approved by the shareholders, the company said in its official release today.
"Assuming charge, Agarwal will drive the technology development, growth, and future strategy for the company towards achieving our to be among the top 10 Commercial Vehicle players globally," Ashok Leyland said in an official statement.
Aggarwal joins Ashok Leyland from Escorts Kubota Ltd, where he was its President. He was Chief Executive for Agribusiness for more than 7 years and associated closely with the transformation of Escorts into a leadership position by ushering in contemporary global standards of design, quality, and manufacturing, as per the company's claims.
The stock of Ashok Leyland closed in the green, up 0.52 percent at Rs 145.80 apiece, on NSE today.
Dheeraj Hinduja, Executive Chairman, Ashok Leyland, spoke about Shenu's track record along with experience and said, "Shenu has a proven track record as a leader from a business conglomerate and is an allrounder having worked in different capacities in many disciplines."
Hinduja said that the company is focusing on reliability and ambition to achieve global scale.
Also Read | Reliance, Ashok Leyland in talks for development of hydrogen-powered engines: Report
Hinduja claimed that Shenu would strengthen the company's constant pursuit of enhancing stakeholder value at Ashok Leyland. The executive chairman was optimistic about the company carving new niches in the mobility sector soon under Shenu's stewardship.
That apart, the company is in advanced talks with Reliance Industries Ltd (RIL) for the development of hydrogen-powered engines, according to a report.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
