Titan Company announces CFO succession planning

Titan Company after market hours on Friday announced that S. Subramaniam, the current chief financial officer, will retire from the services effective from 30 June 2021 on attaining the age of superannuation.

The company announced that, the Board of Directors has approved, on the basis of the recommendation made by the nomination and remuneration committee, Ashok Kumar Sonthalia as the new chief financial officer from 1 July 2021.

Titan said Sonthalia will be joining the company on 1 February 2021 and shall act as the chief financial officer designate until the time his appointment as CFO becomes effective from 1 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, where he served as the chief financial officer. His previous stints also include leadership positions in Greaves Cotton, Tata Inc., Tata Chemicals and a long-standing association with Tata Steel in various positions.

Shares of Titan were trading 2.54% higher at Rs 1,456.90 on BSE.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The company's retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.

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