Hero MotoCorp recovered slightly in the morning session, following the appointment of Niranjan Gupta as the new Chief Executive Officer (CEO).
The stock was trading at Rs 2,331.45 or around 1.2 percent higher than its previous close, at 10.30 am today, on the BSE. The stock has been falling since early 2021, tumbling by over 31 percent from the Rs 3,400 levels in February 2021.
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He is expected to further the two-wheeler-maker global and premiumisation ambitions. Gupta has been elevated from his current position of chief financial officer (CFO) and head of strategy and M&A, and he will take charge as CEO from May 1, 2023.
On March 30, a late-night filing on the exchange highlighted Gupta’s role in maintaining the financial health of the company through a highly competitive environment and his competence in expanding the company’s premium offerings and its global footprint.
“Over the past six years, Niranjan has played a key role in shaping the financial health of the company by navigating it through a highly competitive and ever-evolving environment. He has also played a significant role in forging key partnerships with global brands such as Harley Davidson and Zero Motorcycles,” the exchange filing stated. HeroMotocorp and Harley-Davidson are jointly developing a bike that is set to be launched in the Indian market in a little over a year and is collaborating to develop a platform, in an attempt to improve the Indian two-wheeler maker’s profitability and presence in the premium segment.
“Niranjan has more than 25 years of rich leadership experience in finance, mergers & acquisition, supply chain and strategy roles across business sectors including Consumer Goods, Metals & Mining, and Automobiles,” the exchange filing added.
Gupta was quoted as saying that the focus for the company (hereon) will be on “global expansion, premium, and electric mobility.” He currently serves as a Director on the Board of Ather Energy.
Also read: Kotak retains 'reduce' rating on Hero seeing likely loss of market share
Pawan Munjal, who will continue to serve as the company’s Executive Chairman and Wholetime Director, said, “Niranjan is a leader with sharp business acumen and a proven track record in delivering strong business results in a highly competitive environment. He has been instrumental in defining the organization’s growth story with his rich and diverse experience across finance, strategy and operational effectiveness in both developed and developing markets. His sharp focus has helped Hero MotoCorp in delivering strong cash flow over the years while ensuring judicious capital allocation.”
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