Anant Goenka resigns as MD & CEO of CEAT, and take up the role of vice-chairman

His resignation from the post of MD and CEO will be effective March 31st, 2023. Goenka’s newly appointed position as Vice Chairman of the company, is effective April 1st, 2023.

In India’s business houses, promoters are increasingly delegating day-to-day management and running of a business and focusing on business strategy and mentoring.

«As Vice Chairman of the Company, …he will be able to focus more on specific subjects besides his deeper engagement in driving new businesses at the group level,» Harsh Goenka, chairman of CEAT and RPG Enterprises in a statement said. Anant is the son of Harsh Goenka, and has steered the tyre manufacturer to profitable growth and scale the business, during his term as MD. 

Under Goenka’s leadership, CEAT experienced a highly transformative decade that resulted in the company’s market capitalization growing from ₹370 crore to ₹5800 crore.

Arnab Banerjee, currently the Chief Operating Officer of CEAT, will succeed Goenka as the new Managing Director and CEO for a two-year term beginning April 1, 2023, as part of the company’s succession plan. Banerjee brings extensive operational and management experience to his new position, having played a key role in CEAT’s growth and success over the years. 

Goenka’s resignation comes after a highly successful decade-long tenure at the company, during which he oversaw significant transformations in technology, branding, and production capabilities, according to an exchange filing. 

Anant is an MBA from Kellogg School of Management and a graduate in Economics from the Wharton School, University of Pennsylvania. “Anant has had an exciting time at CEAT and has been able to lead the company through a transformative phase where technology, brand-building and capacity-creation have been the key themes.  I wish Arnab and his team success as they take CEAT to a new phase of growth and excellence», said Harsh Goenka, Chairman of CEAT and RPG Enterprises 

Shares of CEAT ended 0.88% lower at ₹1385.55 apiece on the NSE