“The Board of Directors of CG Power has been engaged for the last several months in finding a successor for the incumbent Managing Director N Srinivasan,” the company said in a statement. “N Srinivasan has built a very high-quality senior management team and who will provide continuity to the management team and thereby support both the smooth transition of leadership and ensuring continuity in business momentum.”
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The company said Srinivasan has led the company since the date of takeover by Tube Investments of India on November 26, 2020.
Kaul joins the company on July 9, 2024 initially as managing director & CEO – designate and will take over as the managing director & CEO effective July 25, 2024.
The company said Vellayan Subbiah, as the Chairman of CG Power, will continue to provide strategic guidance and oversight over the governance process.
The company said Kaul has over 30 plus years of total work experience, 12 years of which has been overseas experience. Starting his career as a quality consultant, Kaul has worked across manufacturing, manufacture and application engineering, supplier and quality development and deployment of six sigma and lean manufacturing.
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He was in the executive leadership position leading EMEIA (Europe, Middle East, India and Africa) region for compression systems & services in Ingersoll Rand. He also served as the Chairman and Managing Director of Ingersoll Rand, a listed company in India. Prior to this, he held senior leadership positions in Bharat Forge and Delphi.He holds a B. Tech (Mechanical Engineering) from G.B. Pant University and MS Degree (Engineering Business Management) from Warwick University in UK.
“Srinivasan has scripted a remarkable turnaround of CG Power, indeed one of its kind in Indian corporate history and a performance measured across all metrics,” CG Power added. “The result is also reflected in the 20-fold growth in share price from the date Mr. N Srinivasan took over as the Managing Director to the closing price as on 5th July 2024.”
