The firm announced the departures of Managing Director & CEO Pradeep Bakshi and Head of Commercial Refrigeration Business Arvinder Singh Pental in January
Tata Group-owned air conditioner maker Voltas Ltd has seen several senior managers exit the company, with at least two exits announced earlier this month. The firm announced the departures of Managing Director & CEO Pradeep Bakshi and Head of Commercial Refrigeration Business Arvinder Singh Pental in January.
According to an Economic Times report, the marketing chief, strategy head, commercial AC unit chief, HR chief, and corporate finance head are among other executives who have left in recent months.
The report, citing sources, said these exits are linked to Voltas moving its unitary cooling products' operational and sales headquarters to Mumbai from New Delhi. This unit includes the firm's main businesses—air-conditioners, air coolers, commercial refrigeration, and water coolers.
However, Voltas has rejected this rationale, stating that its attrition data does not reflect the situation.
Voltas told ET that its headquarters have always been in Mumbai and that the move from Delhi is part of a long-term strategy aimed at fostering "closer alignment, accelerated execution, and cross-functional engagement."
According to the report, the relocation process began in mid-2023 when top executives were asked to work from Mumbai at least two days a week. However, Delhi-NCR-based executives were reluctant to relocate, even after the firm offered compensation for the move.
At the same time, Voltas reportedly streamlined job titles in 2022-23 as part of a management restructuring, leading some to perceive limited career growth at the AC maker.
“However, we remain deeply committed to supporting our employees through these changes, as their well-being is a core value of our organization,” Voltas told ET.
Voltas has appointed Mukundan C.P. Menon, current Executive Director, as Managing Director. Additionally, Sonia Singh has been appointed as an Additional Director and Non-Executive Independent Director for a term of 5 years. Meanwhile, Voltas' stocks were trading down after posting weaker-than-expected third-quarter earnings on January 29.
The Tata group firm reported a net profit of Rs 132 crore in the December 2024 quarter, against a Rs 30 crore loss reported in the corresponding quarter of the previous financial year. Revenue from operations climbed 18% year-on-year to Rs 3,105 crore, compared to Rs 2,626 crore revenue from operations in Q3 of FY24.