TITAN GEARS UP FOR CEO TRANSITION, IDENTIFIES THREE INTERNAL CONTENDERS: REPORTS

Titan Company is back in throes of the corner office crisis, for the fourth time in its four-decade history, as the Tata Group entity begins hunt for a chief executive ahead of the impending departure of its third CEO.

CK Venkataraman, the incumbent boss, has been given a second term extending for 14 months until December 2025. Having assumed the role on October 1, 2019, Venkataraman, who will reach the group's retirement age of 65 on October 30 next year, will oversee the transition process before stepping down.

With the impending vacancy, attention now turns to the internal talent pool, with three names coming to the fore. According to a Mint report citing people aware of the matter, Ajoy Chawla, the CEO of the jewellery business, Suparna Mitra, leading the watches and wearables division, and Saumen Bhaumik, at the helm of the eyecare business, are the contenders identified by Titan's 13-member board.

In the coming months, these candidates will undergo rigorous evaluation by the board as Titan Co Ltd prepares for a seamless transition of leadership. The selection process will be crucial in determining who will helm the company as it continues its legacy of innovation and growth within the Tata Group.

On May 3, Titan Company disclosed its standalone financial results for the March quarter, revealing a net profit of Rs 786 crore, a 7 percent rise from the Rs 734 crore recorded last year.

The company, famed for its jewelry and watches, reported a revenue of Rs 10,047 crore for the quarter, marking a substantial 17 percent surge from Rs 8,553 crore a year back, as stated in a regulatory filing.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter amounted to Rs 1,109 crore, indicating a growth of 6.2 percent. However, EBITDA margins witnessed a slight decline of 90 basis points year-on-year, settling at 9.9 percent.

2024-05-06T02:17:12Z dg43tfdfdgfd