Board approves appointment of Adegbile Adedapo Adewunmi as Additional Director and Managing Director

Board approved the appointment of Mr. Adegbile Adedapo Adewunmi as an Additional Director and Managing Director, also designated Key Managerial Personnel.

Thu 8 Oct 2026

Appointment Effective Date

November 01, 2026

Term of Appointment

three consecutive years, up to October 31, 2029

Business Led

$2.5 billion Power Systems Industrial Markets business, overseeing more than 600 employees

What the Board approved

• Mr. Adegbile Adedapo Adewunmi (DIN: 11962843) has been appointed as an Additional Director and Managing Director of the company, and also designated as Key Managerial Personnel.
• The appointment is with effect from November 01, 2026, for a term of 3 (three) consecutive years, that is, up to October 31, 2029.
• The Board also approved the remuneration payable to him, subject to the approval of the members of the company and such other statutory approvals as may be applicable.
• The appointment was made on the recommendation of the Nomination and Remuneration Committee.

How the approval will be completed

• The Board has proposed to seek members' approval by way of postal ballot and has approved the Notice of Postal Ballot, which will be circulated to members in due course.
• M/s. Mehta & Mehta, Company Secretaries, Pune, has been appointed as Scrutinizer to scrutinize the postal ballot's e-voting process.
• The Scrutinizer's report along with the e-voting results will be submitted to the stock exchanges.

Other disclosures in the update

• Based on his confirmation and the information available with the company, Mr. Adewunmi is not debarred from holding the office of Director by any order of SEBI or any other such authority, and is accordingly not disqualified from being appointed as a Director.
• He will also be authorised to determine the materiality of an event or information and to make disclosures to the stock exchanges; his contact details are being provided on the company's website.
• Mr. Adewunmi is not related to any other Director or Key Managerial Personnel of the company.

Background of the appointee

• He is a Vice President at Cummins and was named Corporate Officer in 2024. He leads the $2.5 billion Power Systems Industrial Markets business, overseeing more than 600 employees across multiple continents, and that business has delivered $300 million in profitable growth over three years.
• Earlier roles include Executive Director of Strategy for the Power Systems business, then a $4.5 billion business unit; Director of Global Parts Product Management, where he worked on pricing strategies across the company's $2 billion aftermarket portfolio; and Managing Director of the North and West Africa Distribution business, a $40 million operation.
• He began his career as an engineer at Delphi Electronics and later worked in investment banking at Credit Suisse. He holds an MBA from Columbia Business School and bachelor's and master's degrees in Electrical Engineering from Purdue University.

What this means

• This is a top-management change: the company will have a new Managing Director, who is also Key Managerial Personnel, from November 01, 2026, for a three-year term.
• The appointment and the remuneration are subject to members' approval, which the Board has proposed to seek through a postal ballot, so the process will be completed after the e-voting results are declared and shared with the exchanges.

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