Promeet Ghosh, who was deputy India head at Temasek until a year ago, is taking over as the Managing Director and CEO of an Indian company that is backed by the Singapore state investment firm.
Ghosh has been appointed as the MD and CEO of Crompton Greaves Consumer Electricals Ltd for five years with effect from May 1, the Mumbai-listed company said in a filing. He has also been appointed as an Executive Director on the board of directors with effect from April 24.
Ghosh succeeds Mathew Job, who resigned as CEO and Executive Director to pursue other career interests, Crompton said.
Shares of the company slumpled almost over 12% on the BSE on Tuesday to touch a one-year low after the management change.
The company also said it has named Shantanu Khosla as the Executive Vice-Chairman for one year starting May 1. He will step down as MD. Khosla will be non-executive Vice Chairman till 31 December, 2025.
The company said Khosla will guide Ghosh on strategic matters and support the integration of Crompton and Butterfly Gandhimati, which Crompton recently acquired.
Ghosh has been on the company's board since 2016. He was Temasek's India deputy head until March 2022 and served as an advisor to the Singapore investment firm until March 2023. Prevoiusly, he worked with DSP Merrill Lynch for 18 years and helped build its M&A franchise.
Ghosh was closely engaged with the company's operations after Temasek and US-based private equity firm Advent International acquired a stake in Crompton in 2016. Advent completed its exit from the company in 2021. Temasek held a 2.54% stake in the company as of March 31.
