The company's board felt that Krishna Patel is a professional in his own right and has had a consistently successful track record of high performance in his role as Vice Chairman & Managing Director. He is eminently qualified to run NESCO Limited as Executive Chairman.
The Board placed on record the significant contribution made by outgoing Chairman Sumant Patel in the last 55 years in transforming the Company into a multi-division conglomerate, which is in great financial health. Board also felt that the continued advice and guidance by Sumant Patel to the incoming Chairman Krishna Patel, will be of great value and therefore, Sumant Patel should continue as Executive Director & Chief Mentor.
“I am delighted to see Krishna Patel assuming the responsibility as Chairman & Managing Director of NESCO Limited. For the last many years Krishna has been running some divisions independently. I am confident that Krishna will be a very effective Chairman and will write his own success story by taking 70 years of Nesco legacy forward”, said outgoing Chairman Sumant Patel.
“I am excited that the current Chairman and the Board of NESCO deemed it fit to elevate me to the position of Executive Chairman, I am also mindful of the fact that this is a big responsibility. I feel that we have a shared vision for NESCO because the envisioning has been done jointly by Sumant Patel, myself, the top management team and the Board. I will give my best to take NESCO to a new orbit with the help of my team and guidance from Sumant Patel and the Board”, said incoming Chairman Krishna Patel.
“The Board has decided to endorse the elevation of Krishna Patel to the position of Executive Chairman, because Krishna has had a consistently successful track record of high performance in his role as Vice Chairman & Managing Director, for several years, said a Board communique.
The above appointments are effective immediately and subject to the approval of the shareholders at the forthcoming Company’s annual general meeting of the shareholders.
At around 11.49 am, Nesco was trading at Rs575 per piece marginally up from the previous closing on BSE.