Castrol India appoints Deepesh Baxi as new CFO

Castrol India Limited, India’s leading automotive lubricants company, announced that Deepesh Baxi will succeed Rashmi Joshi as chief financial officer (CFO) and whole time director, as she steps down from her current position on 31 December 2020.

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

Baxi is a chartered accountant with more than two decades of industry and consulting experience, having spent the last 18 years in various roles within bp. He is also an alumnus of the Indian Institute of Management (IIM), Ahmedabad, and a certified internal auditor (CIA) from the 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.

“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,” said Castrol India Chairman R. Gopalakrishnan.

“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,” said Sandeep Sangwan, managing director, Castrol India.