Bajaj Electricals' MD & CEO Anuj Poddar steps down

It was under Poddar's leadership that Bajaj Electricals became net-debt-free for the first time in March 2022

Bajaj Electricals Limited on July 17 said that its Managing Director & Chief Executive Officer Anuj Poddar has resigned from the post with effect from September 30, 2024. Poddar will move on from the company to pursue an external opportunity. During the transition period, Shekhar Bajaj, Chairman of the company will take over his responsibilities.

"The Board has accepted his resignation while recognising and acknowledging Anuj’s stellar contributions in formulating the transformation and growth journey of the Company over the past five and a half years," the company said in a statement.

Poddar led the company through a tumultuous phase and has been the architect of its overhaul and turnaround, Bajaj Electricals said.

It was under Poddar's leadership that Bajaj Electricals became net-debt-free for the first time in March 2022, relaunched its flagship brand ‘BAJAJ’, established the ‘House of Brands’ architecture, signed a long-term licensing agreement for the ‘Morphy Richards’ brand, and more.

During his tenure, the company witnessed increased focus and investments on accelerating its R&D capabilities as well.

Commenting on his resignation, Shekhar Bajaj, Chairman – Bajaj Electricals shared, “Anuj joined us at a time when we were facing significant challenges, and he has demonstrated exceptional passion, leadership and strategic foresight in navigating our organisation into a strong position... During the period of transition following his exit, as the Executive Chairman, I shall take over his responsibilities and along with our strong leadership team, we will continue to drive our future growth.”

Further, Anuj Poddar added, “I shall always remain proud of and indebted to our entire team who have been an integral part of this journey and instrumental in the success we have achieved. I remain immensely confident of the strategic trajectory we are on and wish the Board and the Company all the very best for its continued success.”

Meanwhile, shares of Bajaj Electricals on July 16 closed 0.79 percent lower at Rs 1,056.95 apiece on BSE. Equity markets were closed on Wednesday, July 17, in observance of Muharram. Consequently, all segments, including the equity segment, derivative segment, and SLB segment, will be closed today.