FMCG major Godrej Consumer Products Limited (GCPL) on Tuesday announced that Nisaba Godrej, currently the Executive Chairperson of the company, will take over the role of Managing Director and Chief Executive Officer of the company with effect from July 1, 2020. The announcement follows the resignation of Vivek Gambhir, GCPL's current Managing Director and CEO, who stepped down citing personal reasons.
"Vivek Gambhir, GCPL's current Managing Director and CEO, has resigned for personal reasons and will step down as Managing Director and CEO on June 30, 2020," GCPL said in a filing to the Bombay Stock Exchange.
Nisaba Godrej has been appointed as Managing Director for a period till September 30, 2022, subject to the approval of the shareholders in the ensuing Annual General Meeting. She will also continue to be the Chairperson of the Board till March 31, 2022, Mumbai-based consumer goods company said in its statement.
Nisaba is also the Chairperson of Teach for India and sits on the board of Godrej Agrovet and VIP Industries. She is the daughter of Adi Godrej, Chairman Emeritus of Godrej Group, and non-executive directors sister of Tanya Dubash and Pirojsha Godrej.
Commenting on leadership change, Nisaba Godrej said: "I would like to thank the board for reposing their confidence in me. Humanity is going through difficult times right now and GCPL is committed to doing whatever is necessary to serve its stakeholders and community. I look forward to working closely with our talented team to drive our company ahead with clarity, hard work, kindness and a strong sense of purpose, to emerge stronger on the other side."
"I also want to take this opportunity to thank Vivek for his many contributions to Godrej over the past 11 years. Vivek and I have had a strong partnership for over a decade. He is someone who has not only created a lot of value for Godrej, but has also been a wonderful friend and mentor to me. We wish him much success, health and happiness for the future," she added.
Vivek Gambhir said, "After 11 fulfilling and wonderful years with Godrej, it is time for me to move on to chart the next phase of my journey. For the past many years, I have been living away from my family and seeing them only on weekends. Recently, I had some health problems that made me think more deeply about my lifestyle. Thankfully, I have fully recovered. I would now like to be able to spend more time with my family."
Ahead of the announcement, shares of Godrej Consumer Products Limited (GCPL) ended Tuesday's trade at Rs 659.35 apiece against previous close of Rs 658.10 on the BSE.
By Chitranjan Kumar