Apollo Tyres Posts Good Numbers and Adds New Members to Board

Apollo Tyres has posted good results for the 3rd quarter of the financial year 2015-16. In the period from April to December 2016, the company’s consolidated revenue was Rs 8742 crores with net sales closing at Rs 2929 crores. Commenting on the figures, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said that though the volumes have gone, especially in the Indian tire market, the revenues are relatively flat as the company has passed on the benefit of lower raw material prices to customers. Along with import of cheap tires into the country, this has had an impact on the revenues.

The company has also added two new members to its Board of Directors. Vinod Rai, who previously served as the Comptroller and Auditor General of India will take on the post of Additional Director (Independent), and Francesco Gori, ex-CEO of Pirelli Tyres and Advisor for Strategy, Apollo Tyres Ltd, will serve as Additional Director (Non-Independent).

Vinod Rai has a Masters Degree in Economics from the University of Delhi, and Masters in Public Administration from Harvard University. He was a member of the Indian Administrative Service (IAS) and prior to serving as the Comptroller and Auditor General of India he held several senior posts including those of Financial Services Secretary and Additional Secretary in the Banking pision of the Finance Ministry, Govt of India.

Francesco Gori has a degree in Economics from Universita degli Studi in Florence, Italy and is a long time veteran of the tire industry. He worked of over 33 years with Pirelli Tyre S.p.A Group in increasingly senior roles related to product development, sales & marketing, product management etc. His last position before moving to Apollo was as the CEO of Pirelli Tyre, a position that he held from 2006 till he left the company in 2012. In October 2015, Gori joined Apollo Tyres as an Advisor for Strategy, and is also a Member of the company’s Management Board.

Commenting on these additions, Kanwar, Chairman said that the vast experience of the two new members of the Board would further strengthen the Board, and add value to the company’s strategic decision making process.