FSN E-Commerce-operated Nykaa has appointed P Ganesh as its chief financial officer (CFO) effective 3 February 2023.
Ganesh joins Nykaa from tractor manufacturer Tafe Group, as per the company's regulatory filing. He has previously held leadership and senior management roles in India and overseas and has been associated with companies like Godrej Group, Glenmark Pharma and Pidilite.
“I look forward to contribute to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses,’’ said Ganesh.
On Monday, Nykaa shares slid 1.93% to close at Rs 124.75 apiece on BSE. The stock has plummeted close to 20% in 2023, owing to the expiry of the lock-in period as well as an overall fall in share prices of new-age internet ventures.
Ganesh is a chartered accountant, cost and management accountant and company secretary with over 27 years of industry experience in domestic and international markets. He brings with him experience in financial reporting, business finance, domestic and international taxation, investor relations, banking, mergers and acquisitions and corporate law.
“His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa’s journey,” said Falguni Nayar, founder and chief executive officer, Nykaa, on the appointment.
Ganesh’s appointment comes nearly two months after ex-CFO Arvind Agarwal resigned from his position to pursue other opportunities in the digital economy and the startup space.
Notably, Agarwal had resigned after the timing of the company’s bonus issue offer was surrounded by controversies. It had announced offering bonus issues a few days ahead of the end of its lock-in period for anchor investors.
