Apollo promotes Kumar to CFO

Mumbai, India - Apollo Tyres Ltd has promoted Gaurav Kumar from group head of corporate strategy and finance to the role of chief financial officer, the company announced 15 May.

He replaces Raj Banerji, who only took over as CFO in February - an appointment that followed Sunam Sarkar's promotion to president and chief business officer in November 2014. Banerji resigned suddenly from the CFO role at the end of April.

Kumar will be based out of company’s headquarters in Gurgaon, India and will oversee the global accounts, finance, taxation and investor relations for Apollo Tyres.

Neeraj Kanwar, vice chairman & managing director, Apollo Tyres Ltd said, “Gaurav has been a key member of our strategy team and has played a leading role in numerous projects that have had a significant impact on company’s revenue and profitability.

Given his strong track record, within and outside of Apollo Tyres, we believe that he is the right fit for the role of chief financial officer for the company.”

Having joined Apollo as head, corporate strategy in 2004, Kumar was closely involved in the company’s global growth strategy - from entry into South Africa in 2006 to acquisition of The Netherlands-based Vredestein Banden in 2009, to the most recent Hungary greenfield facility.

In 2010, Kumar was nominated to the company's management board. Before joining Apollo Tyres, he was associated with HCL Technologies, SRF and UB Group.

Gaurav will report to Neeraj Kanwar, vice chairman and MD.