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ICICI Securities Report
Rarely do we publish a report about the appointment of a non-executive, non independent director to a company in our coverage.
We believe Mr P.B. Balaji's (Group CFO of Tata Motors Ltd., Ex-Chief Financial Officer of Hindustan Unilever Ltd.) appointment as Additional Director of Tata Consumer Products Ltd. (TCPL) is significant and increases our (already high) confidence in the TCPL story.
During his tenure in HUL as CFO, Balaji, in our view, is credited with working with business managers in driving the premiumization agenda (particularly the well-appreciated ‘Surf detergent powder story') and also on the implementation of zero based budgeting, significant cost reduction, etc.
Sunil D'Souza, Managing Director and CEO of TCPL and Balaji - both are post graduate diploma in management from IIM-Calcutta batch of 1993.
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