New Delhi, February 9 Josh Foulger, the head of Zetwerk's electronics business, who was reportedly planning to go public, has resigned from the company and joined a subsidiary of its competitor, Dixon Technologies, according to a regulatory filing released on Monday.
This is the second high-profile departure from the company in a month, ahead of its planned initial public offering.
"Josh Foulger has been appointed as President – IT Hardware and New Projects in Padget Electronics Private Limited (PEPL), a wholly-owned/unlisted material subsidiary of Dixon, and will assume office effective February 16, 2026," Dixon Technologies said in the regulatory filing.
Foulger has left Zetwerk after just two years with the company. He previously headed Foxconn's India business unit, Bharat FIH.
"Foulger is a seasoned industry veteran with over 30 years of global experience in Electronics System Design & Manufacturing (ESDM). He is joining PEPL from Zetwerk, where as CEO of Electronics, he led the division's rapid expansion into new manufacturing verticals and successfully integrated key acquisitions to drive significant growth," the filing said.
Last month, Zetwerk's chief marketing officer, Amrit Raj, resigned from the company and joined venture capital firm Jungle Ventures.
When contacted, a Zetwerk spokesperson said, "Josh Foulger has been instrumental in shaping Zetwerk Electronics during its early and growth stages. As he has decided to move back to Chennai for personal reasons, we thank him for his contribution and wish him the very best for his future endeavors."
Zetwerk has earmarked Rs 1,000 crore in investment for expanding its electronic manufacturing capacity in 2024 after Foulger took over the role.
The company is in discussions with bankers and is expected to file draft papers for the IPO soon.
Zetwerk's last disclosed valuation was over USD 3.1 billion, while gross merchandise value scaled from about USD 100 million to more than USD 2 billion.