Maruti Suzuki, India’s largest carmaker, has announced the appointment of Arnab Roy as its new Chief Financial Officer (CFO), effective from January 1, 2024. Arnab Roy will be replacing the current CFO, Ajay Seth, who will be retiring from his position as the company’s full-time CFO at the end of business on December 31, 2023. However, Ajay Seth will continue to remain a Member of the Executive Board (MEB) after his retirement.
Arnab Roy is a seasoned professional with over 26 years of experience working with multinational corporations from the US, UK, and France in various areas of finance and accounting. He has been serving as the Zone CFO for the Greater India Region since January 2022, overseeing all Schneider companies with a combined annual revenue of almost 22,000 crores. He manages a finance team of over 200 individuals in the Greater India Region and serves as a director in more than 12 Schneider Companies, including one that is publicly traded.
Arnab Roy will join Maruti Suzuki as CFO – Designate from October 16, 2023, and will assume the role of whole-time CFO of the company from January 2024. He has been working closely with the CEO for the past 17 years as Country and Business Unit CFO, assessing the financial implications of business decisions and regulatory implications.
On Tuesday, Maruti Suzuki shares were trading near their 52-week high levels. At 14:58, Maruti Suzuki share price was up by 0.13% at ₹9,607.90 apiece on BSE.
In other news, Maruti Suzuki India reported a standalone net profit of ₹2,485.1 crore for the quarter ended June 2023. This represents a robust growth of 145% compared to ₹1,012.8 crore in the same quarter last year. However, the company’s net profit declined sequentially from ₹2,623.6 crore in the March quarter. The auto major’s standalone revenue in Q1FY24 grew by 22% to ₹32,326.9 crore from ₹26,499 crore YoY.