IndiaMART InterMESH, a prominent B2B marketplace, has announced significant shifts in its top management. Effective from June 15, Jitin Diwan will assume the position of Chief Financial Officer (CFO), while Prateek Chandra will embark on a new journey within the company as Chief Strategy Officer.
Diwan will succeed Chandra, who previously held the position of CFO within the company.
“Following the nomination and remuneration committee’s recommendations, the board of directors has approved Prateek Chandra’s transition to a new role within the company as Chief Strategy Officer, effective from June 15, 2024. He will step down from his current positions as Chief Financial Officer and key managerial personnel by the end of June 14, 2024,” stated IndiaMART in a recent filing with the stock exchange.
“The board of directors has approved Jitin Diwan’s appointment as the senior management personnel designated as Chief Financial Officer, effective from May 15, 2024. He will officially assume the role of Chief Financial Officer and key managerial personnel of the company from June 15, 2024,” the company announced.
Continue Exploring: IndiaMART reports 27% YoY decline in Q3 net profit to INR 82 Crore, despite 21% rise in operational revenue
This follows shortly after IndiaMART’s board approved a scheme of amalgamation involving its three wholly-owned subsidiaries: Busy Infotech Private Limited (transferor company 1), Hello Trade Online Private Limited (transferor company 2), and Tolexo Online Private Limited (transferee company).
The company stated that the restructuring aims to streamline the group’s structure and optimize operations and costs across its wholly-owned subsidiary companies.
Meanwhile, IndiaMART has renewed the appointment of Dinesh Chandra Agarwal as MD and CEO for a five-year term, starting from January 8, 2025.
IndiaMART’s shares declined significantly last week, dropping by 3.8%. However, on Monday, the stock rebounded, trading 0.51% higher at INR 2,556.95 on the BSE as of 2:50 PM.
During the third quarter of fiscal year 2024, IndiaMART recorded a 27.4% decrease in consolidated net profit, amounting to INR 82 Cr.
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