Jewellery Division Leader Ajoy Chawla Appointed Managing Director of Titan
Ajoy Chawla has been appointed as the new managing director of Titan Company Limited, effective January 1, 2024. He will succeed CK Venkataraman, whose tenure concludes on December 31, 2023, in accordance with the Tata Group’s retirement policy. Chawla, who has been instrumental in the growth of Titan’s jewellery division since 2019, awaits shareholder approval for his new role. His leadership is expected to drive further innovation and expansion for the company.
Chawla’s Track Record at Titan
Ajoy Chawla has been a key figure in Titan’s jewellery division, where he has served as CEO since 2019. Under his leadership, the division has seen remarkable growth, with sales and profits increasing by 2.5 times. This impressive performance has solidified Titan’s position as a market leader in the jewellery sector. Chawla’s appointment as managing director is pending shareholder approval, and the company plans to finalize the necessary board procedures shortly. Following this, Titan will also begin the search for a successor to lead the jewellery division.
CK Venkataraman, the outgoing managing director, expressed confidence in Chawla’s capabilities. He stated, “On behalf of the entire Titan team, I welcome Ajoy to lead Titan in its next phase of innovation and growth.” Venkataraman highlighted Chawla’s strong customer focus and ability to create value, suggesting that he is well-equipped to guide Titan toward future success.
Chawla’s Professional Journey
Ajoy Chawla’s career with the Tata Group began in 1990 when he joined the Tata Administrative Services (TAS). He transitioned to Titan’s finance department in 1991, where he gained extensive experience across various roles within the company. Over the past two decades, Chawla has worked in commercial, sales, retailing, supply chain, and SAP implementation roles within Titan’s watches division. His leadership extended to managing accessories and licensed brands, as well as overseeing both domestic and international operations for the Titan Strategic Business Unit (SBU).
From 2013 to 2019, Chawla served as the chief strategy officer, where he played a pivotal role in business incubation and the expansion of Titan’s fragrance line, as well as the launch of the Taneira brand. His diverse experience within the company positions him well to take on the challenges of the managing director role.
Titan’s Financial Performance
Titan Company Limited recently reported a 22% increase in revenue, reaching Rs 57,818 crore for the fiscal year 2024-25. However, the net profit saw a slight decline of 2%, amounting to Rs 4,535 crore. This decrease was primarily attributed to the effects of reduced gold custom duties during the reporting period. The company’s revenue growth was particularly notable in the March quarter, reflecting a strong performance compared to the previous year.
Venkataraman noted that Titan’s analog watch business continues to thrive, driven by product innovation and premiumization that align with the evolving aspirations of Indian consumers. Additionally, the eyecare segment has returned to a double-digit growth trajectory in the latter half of FY25, with expectations for even stronger performance in FY26. Emerging businesses, particularly fragrances, have also shown promising growth, indicating a growing acceptance of the Skinn brand. Titan’s international expansion efforts are progressing well, with the company establishing a presence in five new cities across North America and the Gulf Cooperation Council (GCC) region.
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