Titan appoints L&T’s Ashok Kumar Sonthalia as its new CFO, Retail News, ET Retail


Bengaluru: Tata Group-owned Titan Company has appointed Ashok Kumar Sonthalia as its chief financial officer. Sonthalia will join the company on February 1 as CFO designate and will succeed S. Subramaniam with effect from July 1. This announcement comes as Subramaniam, the current CFO, is due to retire from Titan with effect from June 30.

“Over the last decade, Subramaniam has been a solid member of the top team at Titan. As CFO, he has enabled the extraction of greater value from the businesses, managed the balance sheet exceptionally well, dealt with multiple regulatory shocks with aplomb, established very strong internal control processes through the introduction of the operations control group, made investor relations a benchmark practice and created a truly A-team in the finance department,” C.K. Venkataraman, managing director of Titan, said in a press statement, adding, “I also extend my warm welcome to Ashok. His vast experience will bring great value to Titan over the years.”

Sonthalia’s last stint was with Larsen & Toubro Infotech as CFO. His previous roles include leadership positions in Greaves Cotton Limited, Tata Inc., Tata Chemicals and Tata Steel in various positions. He is a chartered accountant with about 30 years of experience in areas of strategic financial planning, business development, M&A, treasury and finance and accounts.

In the second quarter ended September, Titan Company reported an 1.8{3c1cc63dfd7b7001b61fe8b0a968a5593be5b3a2050e971c1a18ae4d0bc9124f} increase in net profit to Rs 320 crore. The maker of watches, jewellery, eyewear and apparel had reported a 0.6{3c1cc63dfd7b7001b61fe8b0a968a5593be5b3a2050e971c1a18ae4d0bc9124f} increase in revenue to Rs. 4435 crore.


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