Sanjeev Gupta’s finance chief is to quit after only 18 months in the job as the embattled steel tycoon hires crisis experts in a desperate bid to save his empire.
V Ashok, chief finance officer of GFG Alliance since October 2019, said he is stepping down for personal reasons and will be replaced by Dubai-based executive Deepak Sogani.
His surprise exit comes alongside the appointment of three new board directors to help GFG subsidiary Liberty Steel stay afloat after the collapse of its lender Greensill Capital, with thousands of British steel jobs hanging in the balance.
Staff are understood to have been told that Mr Ashok resigned to be with his family in India. The Covid outbreak in the country and associated travel restrictions meant he was unable to continue in the job.
Mr Gupta’s board is being beefed up by turnaround expert Jeffrey S. Stein, who will