ACC announced that the board of directors has appointed Harish Badami as chief executive officer and managing director (designate) from August 1, 2014 and as chief executive officer and managing director (CEO & MD) with effect from August 13, 2014 for a period of 5 years to succeed Kuldip Kaura, CEO and MD whose term of office was extended until Dec. 31, 2014.

Kuldip Kaura will demit office as CEO & MD of the company with effect from Aug. 13, 2014 and Badami will assume responsibility as CEO & MD of the company from the said date. Kaura will continue to be associated with the company in the capacity of Advisor to the board.

Shares of the company declined Rs 18.45, or 1.23%, to settle at Rs 1,479.60. The total volume of shares traded was 24,805 at the BSE (Wednesday).