Tata-owned Voltas Ltd announced that Pradeep Bakshi, its managing director and chief executive officer, will step down at the end of his current term in August.

Bakshi will be succeeded by Mukundan Menon, currently executive director and head of the room air conditioners business. Menon will assume the role of managing director designate in April and take over as managing director in September. Bakshi had been with Voltas for more than two decades.

In a stock market notification, Voltas said Bakshi has expressed his desire to not seek reappointment as the MD and CEO upon the completion of his current term in August which was accepted by the company's board.

Under Pradeep Bakshi's leadership, Voltas became the largest brand in the Indian AC market. Noel Tata, Chairman of Voltas, praised Bakshi for his pivotal role in establishing the company as the undisputed market leader in the Indian room air conditioner sector.

Voltas also reported its quarterly results for the third quarter ending December 2024, with consolidated total income rising 18% year-on-year to Rs 3164 crore. The company posted a net profit of Rs 131 crore, compared to a net loss of Rs 28 crore during the same period last year.