Hero MotoCorp appoints CFO Niranjan Gupta as chief executive officer

Hero MotoCorp, India's largest two-wheeler maker, on Thursday said it has appointed its chief financial officer Niranjan Gupta as the chief executive officer (CEO) of the company. He will take charge on May 1.

"The journey hereon is going to be even more exciting with focus on global expansion, premium segment, and electric mobility," Gupta said in a statement. Pawan Munjal, the current CEO, will continue as executive chairman and whole-time director on the board from May 1 onwards.

A new CFO would be announced in due course of time, the company stated. Prior to joining Hero MotoCorp in April 2017, Gupta spent three years at Vedanta Limited and 20 years at Unilever across global roles. Over the past six years, Gupta has played a key role in shaping the financial health of the company by navigating it through a highly competitive and ever-evolving environment, the company said.

Munjal said, “Niranjan is a leader with sharp business acumen and a proven track record in delivering strong business results in a highly competitive environment. He has been instrumental in defining the organization’s growth story with his rich and diverse experience across finance, strategy and operational effectiveness in both developed and developing markets."

His sharp focus has helped Hero MotoCorp in delivering strong cash flow over the years, while ensuring judicious capital allocation, Munjal noted.

Gupta has also played a significant role in forging key partnerships with global brands such as Harley Davidson and Zero Motorcycles. Hero MotoCorp and Wisconsin-based Harley Davidson are in the final stages of getting their jointly developed motorcycle platform off the ground. Also, earlier this month, the company inked a pact with California-based Zero Motorcycles to co-develop premium electric motorcycles.

Hero MotoCorp's domestic sales jumped 10.2 per cent in April-February period of FY23 to 4.65 million units. In Q3 of FY23, it posted a consolidated net profit of Rs 721.2 crore, an year-on-year growth of 2.41 per cent.

Munjal said Gupta's elevation to the role of CEO is a testimony to the robust succession planning process we have put in place within the company. "The Board looks forward to his contribution in realizing the full potential of Hero MotoCorp as a winning business which delivers long-term growth and value for all its stakeholders," he added.

Hero MotoCorp said Gupta has more than 25 years of rich leadership experience in finance, mergers and acquisition, supply chain and strategy roles across business sectors including consumer goods, metals and mining, and automobiles. Gupta also serves as a Director on the Board of Ather Energy, HMC MM Auto Private Limited, and HMCL Colombia. 

Gupta said, "I am delighted to be appointed as the Chief Executive Officer of Hero MotoCorp, the global market leader in motorcycles and scooters. With more than 110 million customers, the brand has an unparalleled reach, providing mobility solutions to the masses."

"Our Vision, Mission and Values will continue to be the guiding light towards building the next growth story, as we further consolidate our market leadership while delighting our customers and creating shareholder value,” he added.