Industry veteran Seshagiri Rao stepped down from his position as a board member, JSW announced via a release. The former joint Managing Director stepped down from his position after 24 years of service. Rao will continue to serve as the group's Chief Financial Officer.
Rao was the joint managing director and group chief financial officer of the company and has ceased to be a whole-time director of the company with effect from April 6, 2023, on completion of his term approved by the company's shareholders, the release said.
"The Company places on record its deep appreciation of the valuable services rendered by Mr. Seshagiri Rao M.V.S during his tenure with the Company," the filing said.
Rao began his tenure at the JSW Group in 1997 as the company's Chief Financial Officer. Later he was appointed to JSW's board on April 6, 1999.
The industry veteran had an active role in JSW Group's various mergers and acquisitions, including the merger of JISCO and JVSL, and acquisitions of SISCOL, Ispat, Bhushan Power & Steel, Asian Colour Coated Ispat, Vardhman Industries, among others, according to a report by CNBC TV-18.
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