New Delhi, Oct 7 (IANS): Private sector Titan Company on Monday announced that its Managing Director (MD)Bhaskar Bhat has retired after 33 years of service in the company.

In a regulatory filing, the company also said that C.K. Venkataraman, who was the CEO of the jewellery business since 2005, has taken over the role of MD with effect from October 1.

After Bhaskar's retirement from the Board as the MD on September 30, he has been re-appointed as a Non Executive Non-Independent Director on the company Board with effect from October 1, 2019.

"Bhaskar Bhat retired after serving the company for 33 years, with 17 years as its Managing Director. Bhaskar's strategy of multiple stake owners focus has not only enhanced shareholder value very significantly but also created a very strong base from which Titan can reach new heights in the years to come. C.K. Venkataraman, who has been with the company for over 30 years and in the role of CEO of jewellery business since 2005, has taken over the role of Managing Director from October 1," it said.

With Venkatraman's shifting, Ajoy Chawla has taken over as the CEO of the Jewellery Division with effect from October 1, the company said.