Eureka Forbes Logs Best Day Ever On Pratik Pota’s Appointment As MD And CEO
The board approved the appointment of Pratik Pota as MD and CEO for five years, effective Aug. 16.
Shares of Eureka Forbes Ltd. closed with gains more than 12%, the most on record, after Pratik Pota’s appointment as chief of the water purifier to vacuum cleaner maker.
The board of directors, in a meeting held on July 11, has approved the appointment of Pratik Pota as managing director and chief executive officer of the company, for a term of five years with effect from Aug. 16, 2022, subject to the approval of shareholders, according to an exchange filing.
He, according to the filing, will focus on scaling the business and delivering innovative products for a growing customer base.
Prior to this, Pota was the CEO at Jubilant FoodWorks Ltd. where he led the business to a comprehensive turnaround. He accelerated growth of the Domino’s franchise and expanded Ebitda margins to record highs, the filing said. Under his leadership, the company entered new markets, including Bangladesh and Turkey. He also drove a digital transformation at the company, it said.
After Pota resigned from his post at Jubilant, its stock fell the most in two years. Several analysts said his exit added to the risks for the company.
Before Jubilant, Pota has held leadership roles in PepsiCo, Airtel and Hindustan Unilever Ltd. in a career spanning more than 30 years.
Shares of Eureka Forbes had gained as much as 14% intraday on Tuesday before closing 12% higher. The stock’s trading volume was quadruple the 30-day average. Its Relative Strength Index is 79, suggesting that the stock may be ‘overbought’.
