Shares of Crompton Greaves Consumer Electricals Ltd plummeted 13% to hit a fresh 52-week low on Tuesday as the company announced the resignation of its chief executive officer and executive director Mathew Job.

The board of the household appliances maker appointed Promeet Ghosh as the managing director and CEO for a period of five years.

Crompton Greaves also elevated Shantanu Khosla as the executive vice-chairman of the board for a period of one year from May 1, 2023, to April 30, 2024. Khosla will relinquish his position as the company's MD with effect from the close of business hours on April 30, 2023.

Reacting to the development, the Crompton Greaves stock slumped 13% to ₹252.35 apiece on the National Stock Exchange (NSE).

"Mathew Job has tendered his resignation from the position of Executive Director on the Board with effect from close of business hours of April 24, 2023, and has also resigned as the company's CEO with his last day in office as CEO being the close of business hours on April 30, 2023 to pursue other career interests," the company said, adding that Job will be relieved from his services after the completion of his notice period.

Based on the recommendation of the Nomination and Remuneration Committee, Ghosh has been appointed as an executive director on the board with effect from April 24, 2023. He will assume charge as the MD and CEO from May 1, 2023, until April 30, 2028.

Ghosh is a graduate of engineering from the National Institute of Technology, Trichy and has an MBA from the Indian Institute of Management, Calcutta. Ghosh has been on the board of Crompton Greaves since 2016. Until March 2022, Ghosh was Temasek India's deputy head, leading the team on the ground for ten years. During Ghosh's tenure, Temasek's direct India portfolio exposure grew significantly. Prior to joining Temasek, he was an M&A investment banker for two decades which included 18 years at DSP Merrill Lynch.

Ghosh's strong familiarity with the company and his leadership style, will contribute greatly to the next phase of the company's journey, said Hemant Nerurkar, chairman of the Board, Crompton Greaves Consumer Electricals.

"On behalf of the board, I look forward to Mr. Shantanu Khosla's valuable inputs and advice on strategic matters, in his role as an executive vice chairman," Nerurkar said.

"Khosla will provide valuable counsel and advice to the new managing director on strategic matters and support the integration of Crompton and Butterfly," the company said. Kitchen appliances maker Butterfly Gandhimathi announced its merger with Crompton Greaves Consumer Electricals last month.

Mathew Job

Crompton Greaves shares hit 1-year low as CEO resigns