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Engineering services company Geometric has asked its Founder and Vice-Chairman, Mr Manu Parpia, to take over the daily operations of the company as Chief Executive Officer and Managing Director. This follows the current CEO and Managing Director Mr G. Ravishankar's resignation for ‘personal reasons'.
Interestingly, Mr Parpia was the CEO and Managing Director of the Bombay Stock Exchange-listed Geometric till 2006, before relinquishing it in favour of the former Tata Consultancy Services Vice-President, Mr Ravi Gopinath. Mr Gopinath was at the helm till February 2009, before making way for Mr Ravishankar.
“On behalf of the entire Board, I thank Mr Ravishankar for his leadership in guiding Geometric through a very critical phase of its journey. We wish him all the very best in his career. We are very pleased that Mr Parpia has accepted our request to be the Managing Director and CEO. The Board is confident that Mr Parpia will lead Geometric to the next level of its evolution,” Mr JN Godrej, Chairman of Geometric, said in a press statement.
(As on December 2010, the Godrej group holds 30.26 per cent stake in Geometric while Mr Parpia has close to seven per cent shares in the company).
After being with the GE group for over 12 years, Mr Ravishankar joined Geometric as the Chief Financial Officer in 2007. Despite, taking over as the CEO and MD in 2009, he continued to head the finance function for the company.
CFO's position
A spokesperson for Geometric told Business Line that the company is now in the process of short-listing candidates for the CFO's position.
Geometric went through a troubled phase in the last few years due to its relatively high exposure to the automobile industry in the US, which was bleeding during the economic recession.
However, the company's performance had improved in the last few quarters. According to data available on BSE, the company almost doubled its net profit for the quarter ended December 2010 to Rs 11.7 crore. The Geometric script was down by 1.27 per cent to close at Rs 66.15 on the BSE today.
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