Sterlite Tech CEO Paul Atkinson Sacked
Sterlite Tech terminates CEO Paul Atkinson, appoints Ankit Agarwal as head of Optical Networking Business.
Broadband technology company Sterlite Technologies on Wednesday said it has terminated the employment of Optical Network Business CEO Paul Atkinson. Atkinson joined Sterlite Technologies in September 2021 from Australian company IXOM, which deals in water treatment, chemical sourcing, and manufacturing, among others.
"The employment of Paul Atkinson, CEO STL - Optical Networking Business, was terminated at the initiative of the Company on Jun. 5, 2024," the company said in a regulatory filing.
STL did not disclose any reason for the decision.
The development comes about a month after STL reported a consolidated loss of Rs 82 crore for the fourth quarter ended March 2024, mainly due to a dip in the optical networking business.
The optical networking business revenue of STL almost halved to Rs 777 crore during the reported quarter from Rs 1,505 crore in the March 2023 quarter.
The annual revenue from the optical networking business also declined by about 30 per cent to Rs 3,830 crore from Rs 5,439 crore a year ago.
"Ankit Agarwal, Managing Director STL, will take up the additional role of heading the Optical Networking Business," the filing said.
