In a significant development, veteran industrialist Adi Godrej has decided to step down as Chairman of Godrej Industries Ltd (GIL), the parent company of Mumbai-headquartered Godrej Group, which has diverse business interests ranging from typewriters to defence.
The GIL announced the following changes to its Board of Directors, effective October 1, on Friday.
Adi Godrej will step down as Chairman and from the Board of Directors of GIL, however, he will continue to serve as Chairman of the Godrej Group and Chairman-Emeritus of GIL. Nadir Godrej, who is currently Managing Director of GIL, will take over as Chairman and Managing Director of the company.
Commenting on the announcement, Adi Godrej, said: “It has been a privilege to serve Godrej Industries for over four decades, during which we have delivered strong results and transformed our company. I am grateful to our Board for their support and guidance; to all our team members whose passion, commitment and hard work has driven our success; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership.”
Adi Godrej said that he was "very confident that our best years are ahead of us, and is looking forward to Nadir and our team achieving our exciting aspirations.”
Meanwhile, Nadir Godrej said: “On behalf of our team at Godrej Industries and our Board, I want to thank our Chairman for his vision, values and exceptional leadership that has guided and shaped our company. Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders.”
Adi Godrej (79), a widely-respected industrialist, had at the helm of several Indian trade and industrial bodies, and associations and had served as Chairman of the Board of the Indian School of Business, and was President of the Confederation of Indian Industry.