Shares of Whirlpool of India slipped 6 per cent to Rs 2,122 on the BSE on Tuesday after the consumer durable maker's Managing Director Sunil D'Souza resigned from the company.
In a meeting held on Monday, the board of the company accepted the resignation of D'Souza, who, according to the exchange filing, has decided to pursue interests outside of the company. His resignation will be effective from April 3, 2020.
"Further, the board of directors wish to inform that Vishal Bhola will be joining the company with effect from January 1, 2020 and will succeed Sunil D'Souza as Managing Director of the company," it said. Earlier, Bhola held the position of Global Vice President, Water at Unilever, the company said. READ FILING HERE
For the past four and a half years, under Sunil's leadership, the India business grew and reached new heights. D'Souza joined as the Managing Director of the Company on June 22, 2015. Since then, the stock of Whirlpool of India has rallied 330 per cent, as compared to a 49 per cent rise in the S&P BSE Sensex. It hit an all-time high of Rs 2,440 on December 5, 2019.
At 12:03 pm, the stock was down 5 per cent at Rs 2,140, as against a 0.71 per cent rise in the benchmark S&P BSE Sensex index. A combined 157,000 shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.