Latest news with #Venkataraman
Mint
14-05-2025
- Business
- Mint
Company Outsider: Titan's succession planning ensures continuity and evokes confidence
By naming Ajoy Chawla as its next managing director a full seven months before the incumbent, C.K. Venkataraman, is scheduled to retire, Titan has once again shown the way to smooth leadership transition. Chawla will be only the fourth MD of the company in the last 40 years since it was founded, a tribute to its succession planning. For context, Wipro has had that many CEOs in just the last 10 years while Jet Airways, before it shut down in 2019, saw six CEO changes in the previous 14 years. By contrast, Titan's only three CEOs before Chawla have enjoyed long and uninterrupted tenures. Xerxes Desai, who laid the company's foundations, held the reins for 16 years. Bhaskar Bhat, his successor, steered Titan for the next 17 through an inherited crisis to eventual triumph, and finally Venkataraman who took over in 2019 and will end up with a six-year tenure at the top. While that's shorter than that of his predecessors, it is on par with global standards. Leadership consultant Russel Reynolds, in the latest report of its quarterly Global CEO Turnover Index says that the average tenure for outgoing CEOs is about 6.8 years. Each of Titan's leaders has left a distinct mark on the company, embodying what transformational leadership theory calls inspiring change through vision. Desai, despite his outward appearance of an Oxford don, was a tough business leader who didn't shy from taking hard calls like axing a faltering five-year-old joint venture with Timex in 1997. Bhat, who took over in 2002, faced down an existential crisis when a failed European push in the late 1990s left Titan reeling, and steered the company to bumper growth and profits. That's when it caught the eye of Rakesh Jhunjhunwala, who was convinced of its potential to be a multi-bagger. Typical of the ace investor, much of his confidence stemmed from his faith in the company's leadership. Bhat lived up to his faith with a long-term vision that turned Titan from a watchmaker into a lifestyle juggernaut. Similarly, Venkataraman, in his six-year-long stint, has supercharged the jewellery segment, now the company's primary growth driver. Management theory backs Titan's emphasis on leadership planning. The resource-based view argues that internal talent, when nurtured, becomes a competitive edge. But Titan doesn't pick its leaders out of a hat; it grooms them assiduously. As part of the company's rotational policy, Chawla was earlier responsible for driving the domestic and international watch business before moving on to handle new businesses including Fragrances and Indian Ethnic Women's Wear. Subsequently, he took charge of the jewellery division in 2019, the very year that Venkataraman became MD & CEO. All of it is a part of the well-honed process of placing the best of the company's next generation of leaders in critical positions to gauge their strengths and weaknesses. With sales and profits of the jewellery division growing 2.5 times under his watch, Chawla earned his recent appointment. In the process of grooming him for the top job, the company also built bench strength in the form of other contenders like Suparna Mitra, head of watches and wearables, and Saumen Bhaumik, who heads the eyewear business. Contingency theory tells us that leadership must fit the moment, and Titan's choices reflect this. Desai built, Bhat diversified and Venkataraman scaled. Chawla will be tested not just to carry this legacy forward but to leave his own footprint. At 58, he will have just 6-7 years at the most to leave his mark before he reaches the Tata Group's superannuation age. Titan's stability at the top breeds confidence not just for shareholders, who've reaped stellar returns, but for a workforce that knows the ship won't lurch with every storm. It isn't surprising that the company is consistently rated as a top performer among Indian companies with a CAGR of 35% over the last 20 years. Starting out as a watchmaker, it is now a titan of jewellery, eyewear, and wearables, having navigated challenges that would've sunk lesser firms. The 1998, European misadventure could've been fatal; yet Bhat's steady hand—and the board's faith in him—saw Titan through. In a world obsessed with disruption, Titan's story is a reminder that foresight and planning can be real game changers. Its succession planning, rooted in nurturing talent and aligning leaders with strategy, offers a blueprint for other companies. As Chawla prepares to take over, Titan isn't just passing on the baton, it's showing the world how to run a relay race that never falters. The Company Outsider newsletter will be on a temporary break as the author is on leave until 18 June.
Business Mayor
11-05-2025
- Business
- Business Mayor
Jewellery unit head Ajoy Chawla named Titan MD
Ajoy Chawla will take charge as Titan's new managing director, effective Jan 1 next year. The current MD, CK Venkataraman's term, will conclude on Dec 31 this year, adhering to the Tata Group's retirement guidelines upon reaching superannuation age. Since becoming CEO of Titan's jewellery division in 2019, Chawla has led the division to significant achievements, with sales and profits expanding by 2.5 times, while consolidating its market leadership position. Chawla's appointment as MD awaits shareholder approval. The company will complete the formal procedures for his board induction and managing director appointment in due course. The selection of his successor for the jewellery division will be taken subsequently. Venkataraman stated, 'On behalf of the entire Titan team, I welcome Ajoy to lead Titan in its next phase of innovation and growth. With his strong customer obsession, people orientation, partnering impulse and focus on creating value, Ajoy is well qualified to shepherd Titan towards even greater glory and scale.' His professional journey began with Tata Administrative Services (TAS) in 1990, followed by joining Titan's finance department in 1991. His watches division experience spans commercial, sales, retailing, supply chain, and SAP implementation roles over two decades. He managed accessories and licensed brands before heading the Titan SBU's domestic and international operations. From 2013 to 2019, he served as chief strategy officer, overseeing business incubation, fragrances expansion and the Taneira business. Titan reported a 22 per cent increase in revenue to Rs 57,818 crore for 2024-25, while net profit decreased by 2 per cent to Rs 4,535 crore, primarily due to reduced gold custom duty effects during the period. The company's revenue showed a 22 per cent growth in the March quarter compared to the previous year. Venkataraman said, 'Our analog watch business continued its strong growth trajectory by product innovation led premiumisation whilst moving in sync with the rising aspirations of the Indian consumer. The eyecare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within emerging businesses, fragrances have performed well for FY25 signifying growing acceptance of the Skinn brand. Our international business expansions are progressing well, and we are now present in 5 more cities in North America and GCC.'
Time of India
09-05-2025
- Business
- Time of India
Jewellery unit head Ajoy Chawla named Titan MD
Ajoy Chawla will take charge as Titan 's new managing director, effective Jan 1 next year. The current MD, CK Venkataraman's term, will conclude on Dec 31 this year, adhering to the Tata Group's retirement guidelines upon reaching superannuation age. Since becoming CEO of Titan's jewellery division in 2019, Chawla has led the division to significant achievements, with sales and profits expanding by 2.5 times, while consolidating its market leadership position. Chawla's appointment as MD awaits shareholder approval. The company will complete the formal procedures for his board induction and managing director appointment in due course. The selection of his successor for the jewellery division will be taken subsequently. Venkataraman stated, "On behalf of the entire Titan team, I welcome Ajoy to lead Titan in its next phase of innovation and growth. With his strong customer obsession, people orientation, partnering impulse and focus on creating value, Ajoy is well qualified to shepherd Titan towards even greater glory and scale." His professional journey began with Tata Administrative Services (TAS) in 1990, followed by joining Titan's finance department in 1991. His watches division experience spans commercial, sales, retailing, supply chain, and SAP implementation roles over two decades. He managed accessories and licensed brands before heading the Titan SBU's domestic and international operations. From 2013 to 2019, he served as chief strategy officer, overseeing business incubation, fragrances expansion and the Taneira business. Titan reported a 22 per cent increase in revenue to Rs 57,818 crore for 2024-25, while net profit decreased by 2 per cent to Rs 4,535 crore, primarily due to reduced gold custom duty effects during the period. The company's revenue showed a 22 per cent growth in the March quarter compared to the previous year. Venkataraman said, "Our analog watch business continued its strong growth trajectory by product innovation led premiumisation whilst moving in sync with the rising aspirations of the Indian consumer. The eyecare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within emerging businesses, fragrances have performed well for FY25 signifying growing acceptance of the Skinn brand. Our international business expansions are progressing well, and we are now present in 5 more cities in North America and GCC."
Time of India
08-05-2025
- Business
- Time of India
Jewellery unit head Ajoy Chawla named Titan MD
BENGALURU: will take charge as 's new managing director, effective Jan 1 next year. The current MD, CK Venkataraman's term, will conclude on Dec 31 this year, adhering to the Tata Group's retirement guidelines upon reaching superannuation age. Tired of too many ads? go ad free now Since becoming CEO of Titan's jewellery division in 2019, Chawla has led the division to significant achievements, with sales and profits expanding by 2.5 times, while consolidating its market leadership position. Chawla's appointment as MD awaits shareholder approval. The company will complete the formal procedures for his board induction and managing director appointment in due course. The selection of his successor for the jewellery division will be taken subsequently. Venkataraman stated, "On behalf of the entire Titan team, I welcome Ajoy to lead Titan in its next phase of innovation and growth. With his strong customer obsession, people orientation, partnering impulse and focus on creating value, Ajoy is well qualified to shepherd Titan towards even greater glory and scale. " His professional journey began with Tata Administrative Services (TAS) in 1990, followed by joining Titan's finance department in 1991. His watches division experience spans commercial, sales, retailing, supply chain, and SAP implementation roles over two decades. He managed accessories and licensed brands before heading the Titan SBU's domestic and international operations. From 2013 to 2019, he served as chief strategy officer, overseeing business incubation, fragrances expansion and the Taneira business. Titan reported a 22% increase in revenue to Rs 57,818 crore for 2024-25, while net profit decreased by 2% to Rs 4,535 crore, primarily due to reduced gold custom duty effects during the period. Tired of too many ads? go ad free now The company's revenue showed a 22% growth in the March quarter compared to the previous year. Venkataraman said, "Our analog watch business continued its strong growth trajectory by product innovation led premiumisation whilst moving in sync with the rising aspirations of the Indian consumer. The eyecare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within emerging businesses, fragrances have performed well for FY25 signifying growing acceptance of the Skinn brand. Our international business expansions are progressing well, and we are now present in 5 more cities in North America and GCC."
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Business Standard
08-05-2025
- Business
- Business Standard
Titan Q4 net profit rises 13% to Rs 871 crore, income increases 18.8%
Titan Company Limited has declared a net profit ₹871 crore in the fourth quarter of fiscal year 2024-25, marking a 12.97 per cent increase from Q4 FY24 net profit of ₹771 crore. Titan, a jewellery-to-watch conglomerate, reported total income of ₹15,032 crore in Q4FY25, up from ₹12,653 crore in the final quarter of the last fiscal year. "While FY25 was marked by multiple external events that had varying impacts on the businesses in general, Titan's businesses clocked yet another year of strong 22 per cent revenue growth resulting in the Company crossing the impressive milestone of ₹50,000+ crore of revenues for the full year. Our Analog Watch business continued its strong growth trajectory by product innovation led premiumization whilst moving in sync with the rising aspirations of the Indian consumer," said C K Venkataraman, managing director of Titan. CaratLane, the omni-channel jewellery brand, reported a robust quarterly performance with total income rising approximately 23 per cent year-on-year to ₹883 crore in Q4FY25. Revenue from the studded jewellery segment grew around 19 per cent year-on-year (YoY), while all other categories — including gold jewellery and coins — registered a stronger 44 per cent YoY growth in the quarter under review, reflecting shifting consumer preferences amid high gold prices. CaratLane witnessed a 5 per cent YoY increase in buyers during the Q4 FY25. This growth was accompanied by an 18 per cent rise in average bill value. On the profitability front, CaratLane posted earnings before interest and taxes (EBIT) of ₹70 crore, translating to a healthy operating margin of 7.9 per cent. The brand continued to expand its retail footprint aggressively, adding 17 new stores across India during the final quarter. With this, CaratLane's total store count now stands at 322 across 139 cities. "The EyeCare business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26. Within Emerging businesses, Fragrances has performed well for FY25 signifying growing acceptance of the SKINN brand. Our International Business expansions are progressing well in North America and GCC regions. As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers," Venkataraman added.
