Emami Limited said on Thursday its founders R S Agarwal and R S Goenka will step down from their executive roles effective April 1, 2022. The management control of the FMCG firm will be passed on to the next generation of its founders.
R S Agarwal, who is currently executive chairman, will step down from the current position and become Chairman Emeritus. However, he will continue to be on the board of the company.
R S Goenka, who is currently a whole-time director, will become non-executive chairman in the capacity of non-executive non-independent director, with effect from April 1, 2022.
R S Agarwal and R S Goenka have desired to step down from their current executive positions and transition the business to their next-generation while continuing on the board, Emami Limited said in a regulatory filing to the stock exchanges.
Further, Sushil Kr Goenka has also desired to step down from his current position as the Managing Director of the company as part of the transition process and continue to act as Whole Time Director, it said.
"Mohan Goenka and Harsha V Agarwal, Whole-Time Directors of Emami Ltd., have been serving the business dedicatedly for over two decades, spearheading multiple functions and growing the business successfully thereby gaining immense exposure to steer the organisation forward," Emami said.
The Board, therefore, found them to be deserving candidates and re-designated Mohan Goenka and Harsha V Agarwal and Whole-Time Directors as Vice Chairman-cum-Whole Time Director and Vice Chairman-cum-Managing Director respectively, effective April 1, 2022, to steer the organisation forward, subject to shareholders' approval, it added.
Mohan Goenka is the eldest son of R S Goenka while Harsha V Agarwal is the younger son of R S Agarwal.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor