Castrol India CFO Rashmi Joshi Steps Down, Deepesh Baxi to Succeed

By: WE STAFF | Tuesday, 8 December 2020

Rashmi Joshi, the chief financial officer (CFO) of India’s leading automotive lubricants company, Castrol India is stepping down from her current position which will be effective from December 31, 2020. Deepesh Baxi will succeed Rashmi as the company’s CFO and Whole time Director.

Deepesh who is currently the financial controller for Castrol’s businesses globally will take up the role and join the Board on January 1, 2021. While Rashmi will move to another leadership position in BP after having served Castrol India for seven years as CFO and Wholetime Director. Rashmi and Deepesh will work together between now and the end of December to ensure a seamless transition.

Castrol India Chairman R Gopalakrishnan said, “Rashmi has played a key leadership role offering financial stewardship and strategic insights to the business as it undertook several successful transitions during her tenure as CFO. On behalf of the Board, I would like to thank Rashmi for all she has done for Castrol India and extend a warm welcome to Deepesh”.

Sandeep Sangwan, Managing Director, Castrol India added, “Having worked with Rashmi for close to a year now, I value her financial expertise, strategic guidance and commitment to strengthen the financial health of the business. I wish her success in her new role and look forward to working with Deepesh who will bring his rich, cross-cultural global experience to lead the strategic financial agenda for Castrol India.”

Rashmi is a commerce graduate and a chartered accountant with great level of dedication and professionalism. She opted to become a company secretary rather than become a professor, her first choice of career, on the advice of her father. Her long career has presented Rashmi a few realizations, including the one that most people endorse the gender stereotype unknowingly. According to her, the glass ceiling exists for both men and women professionals, because she says it is mostly self-created limitation. As a leader, it is her positivity and strength that has always yielded results, not just for her but for her team as well.

Deepesh is a Chartered Accountant with over two decades of industry and consulting experience, having spent the last 18 years in various roles within bp. He is also an alumnus of Indian Institute of Management (IIM), Ahmedabad and a Certified Internal Auditor (CIA) from Institute of Internal Auditors, USA. He has worked in international markets including UK and Asia Pacific in several leadership roles spanning across finance, strategy, M&A, planning, audit, risk & compliance as well as business transformation.