Onida board reshuffle: new CFO appointed, Shirish Suvagia resigns

Cfo ResignedKmp ResignedCeo Appointed ExternalManagement Changes View source PDF

ONIDA · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-2.7%1-day move

₹44.00

prior close

₹44.25

base price

After-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

+0.8+1.1+1.2—-2.7-3.4-2.3-4.5-7.8-11.4-12.6———

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AI summary

Onida board changes effective July 4: Mr. Shirish Suvagia resigned as Whole-time Director and CFO. Mr. Manish Desai (ex-VIP Industries, Voltas) takes over as CFO, Whole-time Director and KMP for 3 years. Mr. Gunjan Srivastava formally appointed as CEO and Managing Director. Mr. Kaval Mirchandani moves to Whole-time Director from MD. Mr. Jayesh Gandhi (ex-S.R. Batliboi) joins as Independent Director for 5 years. Also granted 12,50,000 ESOPs.

Likely market impact

CFO exit with quick replacement, formalization of CEO shows board stability. ESOP grant may cause minor equity dilution.