Sanjeev Nimkar steps down as Managing Director of Kirloskar Oil Engines

28 Jan 2022 , 11:04 AM

Sanjeev Nimkar, Managing Director of Kirloskar Oil Engines has resigned from the Company with immediate effect, for personal reasons.

The Board has accepted his resignation and placed on record its sincere appreciation for the contributions made by Sanjeev and wished him the very best for his future endeavours.

While the Company is in the process of appointing a new professional Managing Director, the Board has requested Gauri Kirloskar, Non-Executive Non-Independent Director of KOEL to supervise the day to day affairs of the Company in the interim, under the guidance of Atul Kirloskar and the Board of Directors of the Company.

The Board has accordingly extended the Executive Chairmanship of Mr. Atul Kirloskar with effect from January 26, 2022 till March 31, 2023, to aid in this transition

Gauri has served as a non-executive, non-independent Director on the Board of KOEL since 2014. She is also a director of Arka Fincap, Arka Financial Holdings, La-Gajjar Machineries and Optiqua Pipes and Electricals, which are subsidiaries of Kirloskar Oil Engines.

At around 11:05 AM, Kirloskar Oil Engines was trading at Rs173 per share up by Rs1 or 0.58% on the BSE.