Eveready names Suvamoy Saha as MD for three years, Burmans hail decision

Move follows Amritanshu Khaitan's resignation; Saha has been around for long. Prior to being made Jt MD in August, he was a whole-time director of the firm

Close on the heels of the resignation of Amritanshu Khaitan as managing director of the country’s largest dry cell battery maker, Eveready Industries India, Suvamoy Saha has been selected to don the mantle.

In an exchange filing, Eveready has informed that the board at its meeting held on Wednesday approved the appointment of Saha as the managing director of the company for three years effective from Wednesday.

Mohit Burman, who has been spearheading the Burman family investment in Eveready, said, it was a “positive development”.

The Burman family – the largest shareholder in Eveready with around 19.84 per cent – announced its intent to take control of the company and an open offer for an additional 26 per cent on February 28 (the offer opening date is April 26).

Since the announcement from the Burman Group, developments in Eveready have been quick-paced.

On March 3, Khaitan family members – Aditya Khaitan and Amritanshu Khaitan – resigned from the board as non-executive director and chairman and as managing director of the company, respectively.

The board while accepting the resignations had requested Saha, joint managing director of the company, to assume responsibilities as the managing director, till such time that it is taken on record by the board on the recommendation of the nomination and remuneration committee. The board approved his appointment.

Commenting on the development, Saha said, “I am part of a very exciting time for the company. It is currently completely professionally managed and single-mindedly focused, without any diversion, on the next phase of growth.”

“In the consumer space, our asset is the most underutilised asset among all consumer companies, both in terms of brand and distribution. We need to work on that,” Saha added.

In January, Eveready had roped in consultancy firm Bain & Company to help it identify profitable business strategy and execution of the same.

“We have got the best of consultants who will help us in developing strategy and also in bringing new efficiencies into our existing business,” Saha said.

Saha (63) has been with Eveready for long. Before his appointment as joint managing director in August, he was a whole-time director of Eveready from March 2005 to July 2019.