According to a statement issued by the company, "Mr Demortier brings with him wide and varied global experience in senior executive positions, with major transnational organisations of repute. His years of experience include Alstom, Honeywell Corp. and SAFRAN at senior executive levels; his last position being President, Power Automation and Control Business Unit, Alstom Power Sector."
The statement also informed, "Mr Laurent Demortier becomes MD effective 1st June 2011 with Mr Trehan continuing as a key member of the Avantha Management Board. Post his retirement Mr Trehan will be the Vice Chairman of the Board of Directors in a non executive capacity."
Mr Gautam Thapar, Chairman, Crompton Greaves, said, “Today"s announcement is the culmination of a succession planning process which the Board initiated in 2010. On behalf of the Board, I would like to thank Mr Sudhir Trehan for his outstanding contributions to CG at its helm and the performance delivered over the last 11 years. It is testament to his leadership that we are so well placed in terms of succession and depth of senior management strength."
Mr. Thapar added, “Under Mr Trehan"s leadership, CG underwent a structural transformation, radically changed its business portfolio, and completed extensive acquisition and integration."
Mr Trehan said “I leave CG confident that the company has a strong and positive future. From an operational perspective, the executive team and management will have the right skill set and experience to take the company to its next growth phase and deliver increasing returns for our shareholders."
Mr Sudhir Trehan joined CG in India in 1972 and was appointed Managing Director to the Board in April 2000. After a historic turnaround, Mr Trehan has led CG"s continued above industry average growth till now. His successful career in CG saw the company deliver exceptional financial performance. When he took over as MD of CG in 2000, it was a Rs 1,500 crore company, concentrated in India and making losses. Today CG is a global company with revenues of US$ 2.2 billion with a CAGR of 21%, since year 2000.
Commenting on today"s announcement, Mr Gautam Thapar, Chairman, said: “The Board is delighted that someone of Mr Laurent Demortier"s calibre is able to step into the role of MD. This is consistent with the company"s succession plan and the Board was unanimous in its choice of Mr Demortier as he has the necessary drive, strategic thinking and operational experience to continue to build on the platform Mr Trehan has created."
Crompton Greaves Limited (CG), part of the US$ 4 bn Avantha Group, is a pioneering leader in the management and application of electrical energy, with a presence in nine countries - India, Belgium, USA, Canada, Ireland, UK, Hungary, Indonesia and France. CG is active in the global power transmission & distribution (T&D) arena, and is amongst the world"s top ten transformer manufacturers. The company is organised into three business groups, viz., power systems, industrial systems and consumer products. Nearly, two-thirds of its turnover accrues from product lines in which it enjoys a leadership position. For more information on CG, please visit www.cgonline.com