Transition process
Consumer brand leader Emami has said its key management control will be passed on to the next generation and its founders, RS Goenka and RS Agarwal will step down from their positions.
Their sons Mohan Goenka and Harsha Agarwal will take over as vice-chairman and managing director of the company. Mohan Goenka is the eldest son of RS Goenka and Harsha Agarwal is the younger son of RS Agarwal. The founders will continue to be on the Board of the company. RS Goenka will serve as its non-executive chairman and RS Agarwal as chairman emeritus from April 1 without any remuneration.
Uphold legacy
The announcement comes ahead of the April 1 deadline set by market regulator Sebi which has come out with a new set of regulations that require the country’s top listed companies by market capitalization to split the role of chairman and managing director.
Commenting on the matter , R.S. Agarwal and R.S. Goenka said in statement: “They (Harsh and Mohan) have been in the forefront of running and growing the organisation for over two decades and their ascension today is the formal recognition of their contribution by our esteemed board…We are confident that our next generation leaders will uphold the legacy and values of Emami going forward.”
Harsh Agarwal and Mohan Goenka thanked the founders. In a joint statement, they said: “We look forward to our leadership team’s continued support and guidance, sage counsel of our Founders & the Board, and the support of all our stakeholders, specially our team members in our endeavour to take Emami Ltd to greater heights with a strong sense of purpose and ambition.”
The Agarwal and Goenka families are evenly represented on the board of Emami Ltd, which had a market cap of Rs 22,143 crore as on Thursday. Apart from R.S Agarwal and Harsh, Aditya Agarwal and Priti Sureka (son and daughter of R.S. Agarwal respectively) are on the board.
