 "Hero MotoCorp CEO Niranjan Gupta steps down after two-year stint")
Hero MotoCorp on Friday announced that its Chief Executive Officer (CEO) Niranjan Gupta is stepping down with effect from April 30 as he has decided to "pursue other opportunities". Gupta's tenure was exactly two years. The company's Executive Director (Operations) Vikram Kasbekar has been appointed as the acting CEO with effect from May 1.
Not just Gupta, the company said its Chief Business Officer (India Business Unit) Ranjivjit Singh will be "completing his tenure" on April 30. Singh will be replaced by Ashutosh Varma, the current national sales head (India Business Unit), on May 1.
The domestic retail sales of India's largest two-wheeler maker increased by only 2.58 per cent year-on-year (Y-o-Y) to 5.487 million units in 2024, according to the Federation of Automobile Dealers Associations (Fada). Meanwhile, the domestic retail sales of Honda Motorcycle and Scooter India, which is the second-largest two-wheeler maker in India, increased by 20.86 per cent Y-o-Y to 4.797 million units. TVS Motor, the third-largest, recorded a jump of 12.86 per cent Y-o-Y to 3.238 million units.
Pawan Munjal, executive chairman, Hero MotoCorp, commended on Gupta, stating that he has strengthened the company's financial resilience, forged global alliances, and laid the foundation for the strategy that would define the future growth journey. "His leadership has been pivotal in steering the company towards new frontiers. I wish him the very best and all the success for his future," Munjal said.
He said Kasbekar, who will become acting CEO on May 1, is an industry veteran with experience spanning research and development (R&D), operations, supply chain, and engineering. Munjal said Kasbekar will guide Hero MotoCorp through "this transition" until a new CEO is appointed.
Gupta said that during his eight years at Hero (as chief financial officer and then CEO), he had the opportunity to work with an "exceptional team" and contribute to the "company’s continued success". "As I move on to pursue other opportunities, I extend my best wishes to the entire team at Hero MotoCorp for an optimistic and progressive future,” he added.
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Hero MotoCorp on Friday also announced other major management changes. The company's chief procurement officer Ram Kuppuswamy will assume an expanded role of chief operations officer (Manufacturing) from April 1. “Jyoti Singh, head of human resources (Research and Development), will step into the expanded role of deputy chief human resources officer effective February 1... She will play a pivotal role in positioning Hero MotoCorp as a global employer of choice," Hero stated.
Munjal, meanwhile, also announced that Hero MotoCorp's Electric Vehicle and Emerging Mobility Business Unit (EMBU) will transition into a fully independent and empowered unit from February 1, "leading the EV revolution and next‐generation mobility”. This unit will work under Munjal's mentorship.
"As part of this strategic shift, the product development teams across EMBU, Hero Tech Centre Germany (TCG), and Hero Centre for Innovation and Technology (CIT) will work in perfect synergy to deliver ground-breaking advancements, setting new industry benchmarks," the company stated.