Readymade garment and fabric giant Raymond has announced the onboarding of Amit Agarwal as the new Chief Financial Officer, replacing Sanjay Bahl who had held the position for the last 5 years.
Having held various CXO level positions in large corporations like Arcelar Mittal, Jet Airways, Suzlon and Essar Steel, Amit is joining the Raymond team after relinquishing the position of CEO at Jindal Coated Steel Products.
According to the regulatory filings by the company, Amit has assumed the new role 2 July onwards and will be responsible for leading the company through the tough market conditions on account of COVID-19.
His vast experience will also help the company in the process of a de-merger of the Group’s lifestyle business into two separate entities.
Sanjay Bahl has been a crucial part of the Raymond team and led the charge on GST implementation, demonetisation and the current COVID-19 situation. He will continue to serve as an advisor for the next 6 months to ease the period of transition.
Last week, Raymond had reported a consolidated net loss of Rs. 69.10 crore for the fourth quarter ended March. Post the announcement, the company’s shares plummeted 4.23 per cent to Rs. 275 on the BSE on Tuesday.