Emami Limited, at a board meeting held on Thursday, announced that its founders, R.S. Agarwal and R.S. Goenka have expressed their desire to step down from their current executive positions while continuing on the Board.
Accordingly, the Board unanimously decided to appoint R.S. Goenka as Non-Executive Chairman while re-designating R.S. Agarwal as Chairman Emeritus effective 1st April 2022.
Both the Founders will not accept any emoluments from the Company for taking up their new positions. The decision comes in the wake of Board restructuring that was part of the succession planning of the FMCG business of the Group.
The Emami Ltd Board also acceded to Sushil K. Goenka’s desire to step down from his current position as the Managing Director of Emami Ltd as part of the transition process and has re-appointed him as a Whole-Time Director of the Company effective 1st April 2022.
Mohan Goenka and Harsha V. Agarwal, Whole-Time Directors of Emami Ltd., have been spearheading multiple functions and growing the business successfully thereby gaining immense exposure to steer the organization forward. 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 organization forward, subject to shareholders’ approval.
Commenting on the announcement, Founders, R.S. Agarwal and R.S. Goenka said, “We are happy to announce the re-designation of Mohan Goenka and Harsha V. Agarwal as Vice Chairman-cum-Whole Time Director and Vice Chairman-cum-Managing Director respectively. They 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.”