Titagarh Wagons-led Italy subsidiary updates on changes in top management

24 Mar 2022 , 10:27 AM

Titagarh Firema S.p.A., Italy (TFA) – the Italian subsidiary of Titagarh Wagons Limited (TWL) in its board meeting held on March 17, 2022 has approved many changes to the board and the top management of the company which are going to help the company achieve better growth and synergy with the parent company.

At around 10:31 AM, Titagarh Wagons was trading at Rs102.10 apiece up by Rs0.5 or 0.49% on the BSE.

As a part of the rejig, Luigi Traettino has been appointed as the Chairman of the Board of Directors of TFA in place of Umesh Chowdhary who stepped down from the chairmanship of the Board of TFA. Umesh Chowdhary, who is the Group CEO of the Titagarh Group, has been appointed as the CEO of TFA in place of the interim CEO Enrico Grigliatti and will continue as a member of the Board of Directors of the Company.

Further, in order to drive efficiency and cost effectiveness by way of greater synergy with the Indian operations, the Board appointed Dilip Jadeja as a Director of TFA in place of Saket Kandoi. Jadeja is the Chief Operating Officer of the Transit and Propulsion business of Titagarh Wagons.

Luigi Traettino, aged 50 years is a resident of Italy and a graduate in Economics and Commerce, and is associated with several industrial forums. He was the President of Confindustria Caserta earlier and since June 2021 he is holding the office of the Chairman of Confindustria Campania. He is also a member of the Steering Committee of the Special Economic Zone (in Italian “ZES”) of Campania and is a Director of the Centre-South Territorial Committee of Banco BPM. Traettino, has in-depth knowledge of the territory and an impeccable reputation. His assuming the office of the Chairman of the Board would add tremendous value to TFA in the days to come. Traettino was already a member of the Board of TFA for the last couple of years.

Traettino thanking the Board for the trust placed in him said: “I! am pleased and privileged to have the opportunity to assume this office and enhance my relationship wifh the Tifagarh Group. Titagarh offers a unique value proposition and has been a flag bearer of the Indo-Italian friendship and ties. TFA is also one of the most important industrial units in the Region and the investment made by Tifagarh is very important for the Region and for Italy and it will be my endeavor in this new office to support this company in whatever form | am able to.”

Speaking on this occasion Umesh Chowdhary, CEO of Titagarh Firema and the Vice Chairman and Managing Director of Titagarh Wagons said: “! am very happy to welcome Traettino to the Titagarh family and wish him the best of luck. With his support and guidance, the Company can be taken to new heights of success. | am sure the changes made in the board of TFA would provide the boost to the synergies of TFA and integrate the Group’s culture and values fo realize the mission of Titagarh.”