Niranjan Gupta has stepped down as chief executive officer of Hero MotoCorp Ltd., in a surprise move that will become effective on April 30, 2025. Vikram Kasbekar will replace him in an acting role.
“This is to inform you that the board at its meeting held today approved the appointment of Mr. Vikram Kasbekar, executive director, as the acting chief executive officer effective May 1, 2025,” according to an exchange filing on Friday. “Mr. Niranjan Gupta has stepped down as the CEO of the company effective April 30, 2025, to pursue other opportunities.”
This is the second CEO change in two years at India's largest bikemaker.
On May 1, 2023, Hero MotoCorp elevated Gupta—who was at that time the chief financial officer and head of strategy and M&A—as the CEO. He replaced Pawan Munjal, who took over as the executive chairman and whole-time director of the board.
Gupta's tenure at the Splendor maker lasted for eight years.
“Since joining Hero in 2017, Niranjan strengthened our financial resilience, forged global alliances and laid the foundation for the ‘House of Strategy' that defines our future growth journey,” Munjal said in a statement. “His leadership was pivotal in steering the company towards new frontiers. I wish him the very best and all the success for his future.”
“Vikram will guide the firm and leadership through this transition until a new CEO is appointed."
Gupta, has spent more than 25 years in India Inc., driving strategy, M&A deals, supply chain, and finance decisions across sectors as diverse as consumer goods to metals and mining. Before Hero, he was with Vedanta Ltd. for three years and Unilever Plc for 20 years. At Hero, he played a key role in striking global partnerships with brands like Harley-Davidson Inc. and Zero Motorcycles.
During his two-year stint as CEO, Hero MotoCorp posted its highest ever revenue and profit in FY24, hastened premiumisation, revived the Karizma brand, and launched the Vida range of electric scooters.
“I'm grateful to Dr. Pawan Munjal and the Board of Directors for the privilege of leading this company. During my eight years at Hero, I have had the opportunity to work with an exceptional team and contribute to the company's continued success,” Gupta said in the statement. “As I move on to pursue other opportunities, I extend my best wishes to the entire team at Hero MotoCorp for an optimistic and progressive future.”
Kasbekar, meanwhile, is a Hero veteran of more than two decades, with an experience in R&D, operations, supply chain and engineering.
“I look forward to working closely with our talented team to drive continued growth and innovation,” Kasbekar said. “I deeply appreciate the trust placed in me by Dr. Munjal & the Board of Directors, and remain committed to steering the company forward during this transition period.”
Separately, Hero MotoCorp has reshuffled the top management as well.
Ram Kuppuswamy, Chief Procurement Officer, will assume an expanded role of Chief Operations Officer - Manufacturing, effective April 1, 2025.
Ashutosh Varma, National Sales Head - India Business Unit, is being elevated as the Chief Business Officer, effective May 1, 2025. He is taking over from Ranvijit Singh, who will be completing his tenure on April 30.
Jyoti Singh, Head HR - R&D, will step into the expanded role of Deputy Chief Human Resources Officer, effective Feb. 1, 2025.
Additionally, Hero MotoCorp has spun off its EV business into a separate entity to be led by Munjal. The product development teams across India and Germany will report to him.
On Friday, Hero MotoCorp shares rose 3.84% to Rs 4,340.85 apiece on the BSE even as the benchmark Sensex ended the day 0.97% lower at 77,500.57 points.
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