C K Venkataraman is the new managing director at Titan as Bhaskar Bhat retires
Jewellery and accessories firm Titan Company Ltd has witnessed a leadership change with Bhaskar Bhat retiring as the managing director after 17 years to hand over the reins of the company to C K Venkataram.
C K Venkataraman, who was the CEO of the jewellery business since 2005, has taken over the role of managing director with effect from October 1 while Ajoy Chawla has taken over as the CEO of the jewellery division, Titan Ltd said in its quarterly update statement.
"Bhaskar Bhat retired after serving the company for 33 years, with 17 years as its managing director. Bhat’s strategy of multiple stake owners focus has not only enhanced shareholder value very significantly but also created a very strong base from which Titan can reach new heights in the years to come,” the company added.
Titan also informed that its jewellery division witnessed a drop in sales during the July-September quarter due to a surge in gold prices.
The company’s watches and eyewear division, however, reported strong growth during the quarter along with its new businesses ‘Skinn’ and Taneira.
Titan has reduced its growth predictions for the remainder of the 2020 financial year due to a slowdown in demand. It had witnessed a 11 percent rise in its net profit for the first quarter to Rs 364 crore ($51.5 million) with total revenue of Rs 5,095 crore.
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