Dalmia Bharat Sugar and Industries Ltd. said its board approved the appointment of Pankaj Rastogi as chief executive director of the company.

The appointment of Rastogi is effective from 1 October, subject to approval of shareholders, the sugar and industrial alcohol manufacturer said in a stock exchange announcement.

Rastogi has been associated with the company for over 23 years and has an all-round experience of sugar sector, according to the statement. He is a mechanical engineer from IIT, Kharagpur, with a post-graduation in management from IIM, Ahmedabad, it said.

Dalmia Bharat Sugar said Rastogi will replace the current CEO Bharat Bhushan Mehta, who will retire from the company with effect from 30 September due to his age and other personal commitments.

Mehta will be redesignated as non-executive and non-independent director of the company. He will also become a strategic advisor to the company for three years. Both the changes are effective from 1 October.

CFO TO ALSO RETIRE

Dalmia Bharat Sugar said its Chief Financial Officer Anil Kataria will also retire from the company with effect from September 30.

The company appointed Piyush Gupta as new CFO, effective 1 October.

Gupta is a finance executive with over 28 years of experience in the FMCG and retail sectors, both in India and internationally, according to the statement.

The company said during his professional journey, Gupta held positions such as CFO at Arvind Fashions Ltd. and finance director/CFO at PT Sepatu Bata Tbk. He has worked with brands, including Arrow, Flying Machine, Tommy Hilfiger, Calvin Klein, Bata, and Coca Cola.

Gupta, a commerce graduate, chartered accountant and cost & works accountant, has expertise in driving business transformations and strategic planning initiatives.

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