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Coromandel Engineering Announces Key Management Restructuring
Team Finance Saathi
17/Dec/2024
What’s Covered Under the Article:
- Key management appointments at Coromandel Engineering approved by the Board on December 14, 2024.
- Resignation of key personnel, including Independent Director Mrs. S Sridevi and CFO Mr. Ravichandran Perumal.
- New roles for senior management personnel to enhance operational efficiency.
On December 14, 2024, Coromandel Engineering Company Limited (CEC), a renowned entity certified under ISO 9001:2015 & ISO 45001:2018, announced significant changes in its senior management structure. The Board of Directors, after reviewing recommendations from the Nomination and Remuneration Committee and Audit Committee, approved the appointment of new leadership figures and the resignation of key personnel.
The first major development was the appointment of Mr. Babu I Razack as the Chief Financial Officer (CFO) of Coromandel Engineering. Mr. Razack, a certified Management Accountant (CMA® USA) and Cost Accountant (ACMA India), brings over 25 years of experience, primarily in finance leadership roles in well-established firms. Prior to his appointment, he served as the General Manager of Finance at Ali Alghanim & Sons Group General Trading & Contracting Co. in Kuwait, demonstrating his prowess in finance management within the contracting and manufacturing sectors. This strategic appointment aligns with CEC’s commitment to enhancing financial leadership and corporate governance.
In addition, Mr. Sethupathy R has been appointed as the Chief Operating Officer (COO), bringing a wealth of experience in public infrastructure and urban development. With over 38 years of experience, particularly in housing projects across Tamil Nadu, Mr. Sethupathy has been instrumental in several high-profile projects, including the Perumbakkam Township, and has been recognized with numerous accolades, including the Prime Minister’s Award for his work in prefabrication technology. His expertise is expected to drive operational efficiency and innovation in CEC's projects moving forward.
Another important change is the re-designation of Mr. Perumalrajan Seeni from Chief Operating Officer (COO) to Chief Technical Officer (CTO). This shift reflects CEC’s evolving operational strategy, with Mr. Seeni continuing to provide his invaluable technical leadership to the company.
Furthermore, Mr. Ganeshkumar I has been re-designated as Associate Vice President – Technical and Operations, further strengthening CEC's commitment to delivering high-quality technical solutions and maintaining operational excellence across its projects.
Along with these key appointments, Coromandel Engineering also experienced notable resignations. Mr. Ravichandran Perumal, the former CFO, resigned from his position effective November 15, 2024, citing personal reasons. This resignation led to the swift appointment of Mr. Razack. Additionally, Mrs. S Sridevi, an Independent Director, tendered her resignation effective December 14, 2024, with no material reasons apart from personal and pre-occupational factors. Mrs. Sridevi expressed her gratitude for the opportunity to serve and contribute to CEC's governance during her tenure.
In another significant change, the company announced the resignation of its Internal Auditor, M/s G Natesan & Co., which became effective on December 10, 2024. The company has appointed M/s B. Thiagarajan & Co. as the new Internal Auditor, effective December 14, 2024. This appointment is expected to reinforce the company’s internal controls and auditing processes, ensuring the highest standards of compliance and governance.
These organizational changes highlight Coromandel Engineering’s proactive approach to adapting to evolving business needs and ensuring strong leadership at all levels of the company. As CEC continues to expand its footprint in the engineering and construction industry, these strategic changes will play a pivotal role in driving the company’s future success.