In Short:
Sterlite Technologies has fired CEO Paul Atkinson due to declining revenue in the optical networking business. Ankit Agarwal will now lead the business. The company reported a loss of Rs 82 crore in the fourth quarter of 2024, with optical networking revenue nearly halving. Annual revenue also dropped by about 30%. Atkinson joined from IXOM in September 2021.
Sterlite Technologies terminates CEO of Optical Networking Business
Homegrown fiber and optical gear maker Sterlite Technologies (STL) has announced the termination of employment of Paul Atkinson, CEO of STL – Optical Networking Business.
In a regulatory filing with the Bombay Stock Exchange (BSE) on Wednesday, the company stated, “This is to inform that the employment of Mr. Paul Atkinson, CEO STL – Optical Networking Business was terminated at the initiative of the Company on June 5, 2024.”
New Leadership
Paul Atkinson had joined STL in September 2021 from the Australian company IXOM. Now, Ankit Agarwal, Managing Director of STL, will be taking on the additional role of heading the Optical Networking Business.
Financial Performance
The decision follows STL reporting a consolidated loss of Rs 82 crore in the fourth quarter ending March 2024, primarily due to challenges in the optical networking business. Revenue from the optical networking business decreased significantly, with a nearly 30% decline in annual revenue compared to the previous year.
