Kolte-Patil Developers' CEO Rahul Talele steps down, stock falls over 5%

Talele will be succeeded by Atul Bohra, who has been appointed as the group chief executive officer with from effect from June 14, the company statement said.

Kolte-Patil Developers Ltd announced on June 14 that its chief executive officer Rahul Talele has resigned from his position to pursue opportunities outside the organisation, the real estate company said in an exchange filing.

Talele’s resignation will be effective from June 14 and he will stay till August 31, 2024 to ensure a smooth transition, the company statement said. He had worked with the real estate firm for 14 years, according to the exchange filing.

Talele will be succeeded by Atul Bohra, who has been appointed as the group chief executive officer with from effect from June 14, the company statement said.

Bohra had joined the company in 2012 and worked in various positions till 2023. Later he joined another real estate company for a brief period before coming back to Kolte-Patil, the stock filing said.

Rajesh Patil, chairman and managing director, Kolte-Patil Developers, said, “Kolte-Patil Developers is firmly positioned for achieving robust growth on the back of strong projects-portfolio, sound financial standing, a solid leadership team and economic and sectoral tailwinds. In his earlier tenure at Kolte-Patil, having worked across functions and geographies, Atul has demonstrated keen business sense, transformative approach, and financial expertise, contributing meaningfully to the success of the Company. I am confident that in his new role as the Group CEO, he will lead the Company to achieve new milestones and solidify our position as a leading real-estate developer.”

At 15:03 pm, the stock of the company was trading at Rs 449.95, down 5.29 percent on BSE on June 14.

Atul Bohra, group CEO, Kolte-Patil Developers, said, “I would like to thank the Board for entrusting me with this opportunity to lead the Company at such an exciting time. KoltePatil, has succeeded across market cycles because the Company has progressively delivered superior value and I look forward to continue to build upon this legacy of excellence and ensure the Company’s sustained success.”