Fabrics and garment major Raymond on Friday said it has appointed Amit Agarwal as Chief Financial Officer (CFO), replacing Sanjay Bahl who has relinquished his position.
According to a PTI report: Agarwal, who was the CEO of Jindal Coated Steel Products Ltd prior to joining Raymond, assumed the new role with effect from July 2, the company said in a regulatory filing.
He is a veteran CFO having worked with large corporations like Arcelor Mittal, Essar Steel, Suzlon and Jet Airways where he was the CFO and Acting CEO, it added.
Agarwal joins Raymond at a crucial juncture when the business is witnessing tough market conditions due to COVID-19 impact and the group is also in the process of de-merger that would lead to two separate listed entities, the filing added.
On the other hand, Bahl, who was the Raymond CFO for about five years will continue to be associated with the company as an advisor for six months to support the leadership team through the transition period, the company said.
During his tenure Bahl was instrumental in steering the group through GST implementation, demonetisation and now COVID-19, it added.
He also had significant contributions in facilitating the sale of a part of the company’s Thane land and also strategising the demerger of the group’s lifestyle business into a separate legal entity, the company said.
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