Panasonic Life Solutions India announced that inline with the company’s superannuation policy, Mr. Vivek Sharma, the Company’s Managing Director, will step down from the operational leadership on September 30th, 2020.
Mr. Sharma with his commitment to excellence and inimitable leadership style, has led Panasonic Life Solutions India (PLSIND) to great success. Under his leadership the Company has had a tremendous growth journey over the last 3 years. PLSIND’s revenue grew from INR 22.9 billion in 2016-17 to approximately INR 33.9bn in 2019-20. Similarly, the operating profit more than doubled from INR 2.65 billion in 2016-17 to INR 5.8 billion in 2019-20. The Company’s sales grew at a CAGR of 15% and operating profits at a CAGR of 22%, during this period. This helped PLSIND emerge as the fastest growing Indian Fast Moving Electrical Goods (FMEG) Company, both in terms of sales and profitability. A reflection of this stellar performance was when, earlier this year, Forbes magazine rated Anchor as the No. 1 FMEG brand in the country.
It was during Mr. Sharma’s tenure that the Company took certain far reaching and path breaking initiatives, like moving from a dealer driven channel to a multi-channel, distributor led GTM strategy that also included a strong participation in alternate channels like E-com, MFR, Exclusive Brand Outlets, etc. This was preceded not only by the setting up of separate sales teams for B2C and B2B/B2G segments, but also introducing exclusive business verticals for the Power, Lighting and Indoor Air Quality businesses.
During this period significant expansions of the company also took shape on the industrial and SCM side, including setting up of manufacturing units through an expansion of the vendor base across India, in addition to the mega project coming up at a 35 acre land parcel in Sri City, Andhra Pradesh. The brand’s presence in markets across the country was also strengthened with a robust retail strategy, straddling over 500, Tiers 1-5 markets in India.
Having realized the critical importance of brand equity in 21st century business, Mr. Sharma decided to invest in brand building. Partnering with cutting-edge advertising, media and digital Agencies, during his tenure, the marketing team led the development of a new communication platform for Brand Anchor ‘Naye India Ke Badhte Load Ke Liye’. To connect with the contemporary and aspirational Indian consumer the campaigns that have been undertaken for the last 2 years have led to the brand be re-evaluated by the trade and the consumer. These initiatives will help the brand sustain the momentum in the years to come.
Mr. Vivek Sharma, Managing Director, Panasonic Life Solutions India, said that, “These last 3 years have been a journey of immense satisfaction. It is a befitting way to end a career spanning over three and a half decades. I have had the privilege of working in the FMEG/FMCD industry for more than 35 years and leading Panasonic Life Solutions India has been the highlight of my career. It has been a pleasure partnering all the stakeholders both internal and external to re-invent the Company and set it on higher growth trajectory by focusing on the employees and the consumers while enhancing skills and competencies across the stakeholder spectrum. We have had very significant achievements, with regards to our factory operations in India. Our manufacturing has traditionally been manpower intensive, however during the last three years, we have put in a lot of efforts and investments and have technologically upgraded it, with state-of-the-art robotics and automation solutions. These technological upgradations have given us a competitive edge, with the highest cost efficiencies, in the entire ECM industry.”
“A strong and vibrant culture is the best legacy of a successful leader. I am particularly proud that during my tenure at PLSIND we transformed from being a conventional electrical switches Company to becoming a part of an iconic transnational organisation. Most importantly, during this exciting journey, our existing internal talent culturally transformed itself to adapt to contemporary best practices which are the hallmark of a performance based culture that we have established. This transformation of the team changed the way we do business, from the historical individual-oriented method of the past, to a process-oriented technology-driven way of doing business, with complete autonomy and empowerment. I can proudly say that as I depart from PLSIND, it is poised to achieve far greater success and scale newer highs in the years to come.”