Titan Company Limited (“Titan” or the “Company”) announces that S. Subramaniam (Subbu), currently the Chief Financial Officer, will retire from the services of the Company effective from the close of business hours of 30th June 2021 on attaining the age of superannuation.
The Company has announced that, as approved by the Board of Directors, on the basis of the recommendation made by the Nomination and Remuneration Committee, Ashok Kumar Sonthalia will succeed Subramaniam as the Chief Financial Officer with effect from 1st July 2021.
Sonthalia will be joining the Company on 1st February 2021 and shall act as the Chief Financial Officer Designate until the time his appointment as CFO becomes effective from 1st July 2021, thereby providing adequate time for a smooth transition.
Sonthalia is a Chartered Accountant with around 30 years of experience in areas of strategic financial planning, business development, M&A, treasury, finance & accounts in diverse industry verticals in multi-cultural and multi-national environments. Sonthalia’s last stint was with Larsen & Toubro Infotech Limited, where he served as the Chief Financial Officer. His previous stints also include leadership positions in Greaves Cotton Limited, Tata Inc., Tata Chemicals, and a long-standing association with Tata Steel in various positions.
C.K. Venkataraman, Managing Director of Titan, said: “Over the last decade, Subbu has been a solid member of the top team at Titan. As CFO, he has enabled the extraction of greater value from the businesses, managed the balance sheet exceptionally well, dealt with multiple regulatory shocks with aplomb, established very strong internal control processes through the introduction of the operations control group, made investor relations a benchmark practice and created a truly A-team in the Finance department. Through all this, he remained a total people person, affable all the time, and totally accessible and helpful to everyone in the Company. No amount of thanking will do justice to the contribution that he has made. I wish him well.
I also extend my warm welcome to Ashok and wish him all the best for his journey with Titan. I am sure his vast experience will bring great value to Titan over the years”.