Thursday, May 23, 2024

Shree Cement Limited announces changes in the board

Shree Cement Limited (SCL) announced the following changes in their board.

Mr. B. G. Bangur tendered his resignation from the position of Chairman of the Board and his directorship effective from close of business hours of 14th October. Recognizing his immense contribution over more than four decades in the company, the board appointed him as Chairman Emeritus.

Consequent upon resignation of Mr. B. G. Bangur from Chairmanship of the board, Mr. H. M.
Bangur has been re-designated as the Chairman from his current position as Managing Director of the company. The board also re-designated Mr. Prashant Bangur as the Vice Chairman of the company.

The board also appointed Mr. Neeraj Akhoury as the company’s new Managing Director who will be taking in charge with effect from 14 October 2022.

The illustrative career of Chairman Emeritus, Chairman of the Board and Vice Chairman has been conveyed as under:

Mr. B. G. Bangur, founded Shree Cement Limited in 1979 and commissioned the first unit of an organization, that was to be among the leading players in the cement industry. He ensured to instill the right values of creating happiness for all stakeholders, in the founding years which have been the north star of Shree Cement. Over the years, he provided critical strategic insight and direction to the company in its various business decisions. In addition, he has been actively involved in numerous philanthropic activities spread across healthcare, old age care, police welfare, promotion of arts and sciences among many others.

Mr. Hari Mohan Bangur, who has been at the helm of affairs since 1992, has been the driving force behind the exponential growth of Shree Cement. Since the year he assumed duties as the Managing Director in 2002, the company witnessed a compounded annual growth rate of 17.02% in its production capacity. Its stock price has delivered a CAGR of 37.33% over the same period giving a return of 568% to its investors. Today, Shree Cement is recognized as a global benchmark in cost competitiveness and operational efficiency. A chemical engineering graduate of IIT Bombay, Mr. Bangur believed in consistently questioning established practices and finding a better way. Under his visionary leadership, Shree Cement became an industry pioneer in utilization of petroleum coke as fuel, and manufacturing of synthetic gypsum, for which the company holds a patent. Shree Cement is also among the world leaders in energy generation through Waste Heat Recovery and is now exploring new avenues in renewable energy. Widely acknowledged for his business wisdom and vision of the future, Mr. Bangur was the EY Entrepreneur of the Year in 2016 and Forbes Entrepreneur of the Year in 2017, and has been recently covered by CNBC Inside Out.

Mr. Prashant Bangur, the Jt. Managing Director has been a part of the organization since 2004, soon after he graduated from the Indian School of Business. Trained under the industry’s best, he inherited an ability to approach work with a discipline, keep people and stakeholders at the center, and take swift decisions with an eye on the future. His leadership approach has been a testimony of the deep rooted values of Shree Cement. A strong advocate of sustainability, his focus has been on optimizing the manufacturing process to produce more with less, building an environment where people thrive and perform at their best, and giving back to the community and the environment. For the last few years, he has been preparing the organization for its next phase of growth, outlining the changes that would strengthen the proposition of Shree Cement as an organization in perpetuity.

Mr. Akhoury is an industry veteran with three decades of experience in the cement and steel
industry, where he has worked in leadership roles in India and other emerging markets. He has handled diverse portfolios during his tenure with the Holcim group. In his last assignment he was the Managing Director & CEO of ACC Limited, CEO Holcim India, Managing Director & CEO, Ambuja Cements Limited, and Non- Executive Director, ACC Limited. He was also on the board of Governors at National Council for Cement and Building Materials (NCCBM) and the Vice President of Cement Manufacturers Association of India.

Mr. H. M. Bangur, who led this organization to make it a top player in the cement industry, is confident that on induction of a new leadership team, Shree Cement will move to the next phase of growth and expansion to be the best in the Cement and Building Materials industry. With all these changes Mr. Bangur is assertive that all these changes will be a step towards making the organization future ready.

Mr. Prashant Bangur who has been instrumental in preparing the organization for the next phase of growth, is positive that Mr. Akhoury will be able to energize the leadership team to bring in new initiatives, driven by smart technology, innovation and futuristic people practices.

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