Bajaj Electricals shares drop nearly 7% after MD & CEO Anuj Poddar steps down

The company informed the stock exchanges in a filing on July 17 that Anuj Poddar stepped down from the position of MD and CEO to explore an external opportunity. The Bajaj group firm informed the stock exchanges that the Board of the company has accepted Poddar’s resignation.

Poddar’s last working day with the company will be September 30, 2024.

Bajaj Electricals said that after Poddar's exit, the company's chairman, Shekhar Bajaj, will assume his responsibilities as Executive Chairman. Bajaj Electricals’ Board also expressed its appreciation and gratitude for Anuj Poddar’s contributions to the company during his tenure.

The Board of Directors of Bajaj Electricals said in a release that during Poddar’s tenure, the company became net-debt-free for the first time in March 2022. His notable achievements included relaunching the company’s flagship brand, Bajaj, and establishing the ‘House of Brands’ architecture.

Poddar joined Bajaj Electricals as a Non-Executive Independent Director in May 2016. In 2018, Poddar was appointed as Executive Director of Bajaj Electricals in November 2018. He was later promoted to the post of Managing Director and Chief Executive Officer of Bajaj Electricals in 2022.

Prior to his stint at Bajaj Electricals, Poddar was also part of the leadership team at Viacom 18 Media. During his 13-year tenure there, he held different leadership roles.

Bajaj Electricals Limited, part of the Bajaj Group, offers consumer appliances and lighting solutions.

Bajaj Electricals shares closed 3.97% lower at ₹1,014 apiece on the NSE.