Timex Group India Limited announces resignation of MD

The Board of Directors of Timex Group India Limited has, at its meeting held today, approved the changes in board.

Due to her personal reasons, Ms. Sharmila Sahai (DIN: 00893750) has decided to move on and has resigned from her position of Managing Director as well as Director of the Company with effect from close of business hours of March 27, 2022. She will, however, continue to work with the Company till June 30, 2022 for smooth handover and transition of work.

Based on the recommendation of Nomination and Remuneration Committee, the Board of Directors has appointed Mr. Deepak Chhabra (DIN: 01879706), as an Additional Director till the next general meeting of the Company and Managing Director of the Company for a period of 3 years, subject to approval of members of the Company, with effect from March 28, 2022.

Mr. Deepak Chhabra is not debarred from holding the office of director by virtue of any SEBI order or any other such authority.

Mr. Deepak Chhabra possesses over two decades of diverse and insightful leadership experience in the field of Retail, Brand management, Strategic Business Planning, P&L Management, Sales and Merchandising.

In his very recent role, Mr. Deepak Chhabra worked with Tupperware India as MD where he led the brand's Business Transformation from being just a direct selling company to a harmonized multi-channel strategy and introduced Retail, etail and e-commerce to increase consumer access which helped in Brand achieving higher market share; also, the transformation from a Kitchenware to a complete Homeware Brand and from largely Plastics to Material agnostic Brand.

He also worked with Crocs India as MD for 3 years before moving to Tupperware, where he was instrumental in ramping up business and vastly improving Brand's reach and relevance.

A Footwear Technologist and Marketeer by qualification, he started his career in 1996 with Phoenix International Limited and since then has held various leadership roles and led strategic initiatives for Marquee brands such as Reliance Retail, Skechers and Sprandi in addition to Tupperware and Crocs. Mr. Deepak Chhabra, 48 years, is married to Kavita & has 2 teenage sons, Abhigya & Aaruksh.

Shares of TIMEX GROUP INDIA LTD. was last trading in BSE at Rs. 65.15 as compared to the previous close of Rs. 66.30. The total number of shares traded during the day was 26525 in over 199 trades.

The stock hit an intraday high of Rs. 67.40 and intraday low of 63.90. The net turnover during the day was Rs. 1749687.00.

Source : Equity Bulls

Keywords

TIMEXGROUPINDIA INE064A01026 BoardChanges Resignation Appointment MD