Larsen & Toubro Infotech's Chief Financial Officer (CFO), Ashok Kumar Sonthalia, has been appointed as CFO of Titan Company with effect from July 1, 2021. Sonthalia will succeed S. Subramaniam, current CFO, who will retire from the services of the company on June 30, 2021, on attaining the age of superannuation.
"The company is also pleased to announce 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," Titan said in a filing to the Bombay Stock Exchange.
Titan said that Sonthalia will be joining the company on February 1, 2021, and will act as the CFO Designate until the time his appointment becomes effective from July 1, 2021, thereby providing adequate time for a smooth transition.
Sonthalia had resigned from L&T Infotech effective from January 25. The IT company's board at its meeting on January 19 had accepted his resignation.
Sonthalia is a Chartered Accountant with around 30 years of experience in the areas of strategic financial planning, business development, M&A, treasury, finance & accounts in diverse industry verticals in multi-cultural and multi-national environments. His previous stints include leadership positions in L&T Infotech, Greaves Cotton Limited, Tata Inc., Tata Chemicals, and a long-standing association with Tata Steel in various positions.
Commenting on the development, C.K. Venkataraman, Managing Director of Titan, said: "Over the last decade, Subramaniam (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," he added.
Meanwhile, shares of Titan ended Friday's trade at Rs 1,420.80, down 2.03 per cent, against the previous closing price of Rs 1,450.30 on the BSE.