Hero Motocorp appoints former SBI chairman Rajnish Kumar to the board

Hero Motocorp said that Rajnish Kumar, former chairman of State Bank of India (SBI), has been appointed as an independent non-executive director on the board of the company.

Mr. Kumar completed his three-year term as chairman of SBI in October 2020. He is credited with steering the bank successfully through very challenging times and adopting key technology transformations. During his tenure, the bank developed YONO, a digital platform, which established SBI as a global leader in the adoption of technology and innovation.

Mr. Kumar is a career banker with nearly four decades of service with the State Bank of India. His expertise in corporate credit and project finance is well recognised. He currently serves as an independent director on the boards of many other prestigious companies viz. HSBC, Asia Pacific, L&T Infotech and is also the non-executive chairman of resilient innovations (BharatPe).

Hero MotoCorp also appointed Vasudha Dinodia, the entrepreneur credited with founding the boutique chocolate start-up Choko La in 2005, as a non-executive director on the board of the company.

Ms. Dinodia has scaled Choko La to be a globally recognised, premier chocolate brand with its presence across the US, Europe and Asia. The brand has several premium chocolate boutiques and has partnered with global duty-free operators across 13 international airports, including Singapore, Macau, Delhi, Mumbai, Bangalore, Chennai, Kolkata, Hyderabad, Ahmedabad, Goa, Jaipur, Raipur, and the new outlets are coming up in Hong Kong, Berlin, Dubai, Melbourne and Philippines airports in the next fiscal.

Camille Tang - a well-known name in the global technology landscape - was recently appointed as an independent non-executive director on the board of the company. Ms. Tang brings with her several decades of rich and diverse global experience in varied sectors such as finance, retail, technology and Artificial Intelligence (AI). She is currently an advisor on software and white label SaaS startups in Canada and the USA.

"With these current appointments, Hero MotoCorp now has 11 board members, of which 25% are women, thereby clearly exhibiting the company's focus on diversity & inclusion, which will significantly enhance the company's performance, the two-wheeler maker said in a statement.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.

On a consolidated basis, Hero MotoCorp's net profit dropped 22.4% to Rs 747.79 crore on a 9.9% decline in net sales to Rs 8,538.85 crore in Q2 September 2021 over Q2 September 2020.

The scrip fell 1.71% to currently trade at Rs 2486.20 on the BSE.

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