Exclusive: Josh Foulger Steps Down as Zetwerk Electronics President

Why It Matters

The leadership shift could reshape Zetwerk's electronics growth as the company readies a major IPO while grappling with declining revenues. Stable executive direction will be critical to reassure investors and sustain diversification efforts.

Key Takeaways

• Foulger exits Zetwerk Electronics after two-year tenure
• Search includes Siemens, Schneider Electric candidates
• New Bengaluru plant targets aerospace, defence, automotive
• FY25 GMV down 11%, revenue fell 12%
• IPO size projected at $750 million

Pulse Analysis

Josh Foulger’s departure marks a pivotal moment for Zetwerk Electronics, a division that has been instrumental in the company’s push into consumer and industrial electronics. Foulger arrived from Bharat FIH with a track record of building manufacturing partnerships for global brands, and his exit creates a vacuum at a time when Zetwerk is courting top‑tier talent from Siemens and Schneider Electric. The search for a successor underscores the strategic importance of the electronics unit, which must maintain momentum while integrating with broader corporate initiatives.

Zetwerk’s recent expansion in Bengaluru signals a deliberate diversification beyond traditional contract manufacturing into high‑margin aerospace, defence, and automotive sectors. The new facility, slated to employ over 1,200 workers, aligns with the firm’s ambition to showcase end‑to‑end capabilities to prospective OEMs. However, the division’s leadership change coincides with a challenging financial backdrop: FY25 GMV fell 11% and operating revenue slipped to Rs 12,798 crore, resulting in a Rs 371 crore loss. These metrics heighten the pressure on the incoming president to drive efficiency, win new contracts, and restore growth trajectories ahead of the anticipated $750 million IPO.

For investors and industry observers, Zetwerk’s leadership shuffle offers a barometer of the company’s readiness for public markets. A seasoned executive with deep electronics expertise could reassure stakeholders that the firm can scale its diversified manufacturing platform while navigating thin margins. Conversely, prolonged uncertainty may dampen confidence in the upcoming listing, especially given the broader slowdown in Indian contract manufacturing. As the IPO window narrows, the ability to secure a high‑caliber replacement will likely influence valuation expectations and the firm’s long‑term positioning within the global supply chain ecosystem.