Nisaba Godrej takes over consumer biz
MUMBAI: Nisaba Godrej, 39, will take over from her father Adi Godrej as executive chairman of Godrej Consumer Products Ltd, the company announced on Tuesday. A di God rej will now be chairman emeritus, the company added in a statement to the stock exchanges.
The elevation of Ni saba God rej (who is called Nisa within the company) was expected, although the company had not set a time-frame for this.
It marks another milestone in the larger Godrej Group’ s succession plan. A di God rej turned 75 in April. Earlier, in February, he became chairman emeritus of Godrej Properties Ltd, with son Pirojsha Godrej, 35, taking over as chairman.
Adi God re jr em a ins chairman of Godrej Group. His eldest daughter Tanya Dubash, 48, is executive director, God rej Industries and also chief brand officer of Godrej Group.
Nisaba Godrej, an MBA from Harvard Business School joined Godrej Consumer Products in 2007. She is currently executive director of the company.
“Nisa has been the key architect of its (GCPL’s) success and has been over seeing innovation ,” MD and CEO Vivek Gambhir said. “She will now work closely with the management to guide our next phase of growth.”
Analysts tracking the company say the move was expected.
“Given how active Nisaba already was in the company, the move was expected”, an analyst at an equities brokerage firm said on condition of anonymity.
God rej Consumer also recommended a fourth interim dividend worth ₹12 per share to be paid out by May 31, 2017. This brings the total dividend paid out for the year to ₹15 per share. GCPL also announced that it would issue bonus shares from its securities premium worth ₹1,452 cr ore. The shares will be issued in a 1:1 ratio to each shareholder, meaning the company will give an additional share for each held to its shareholders. A date for this bonus issue is yet to be decided.
God rej Consumer also posted a 12.5% increase in its total consolidated revenue during the January-March quarter to ₹2,489.49 crore. Its consolidated net profit rose from ₹124.84 crore to ₹398.91 crore year on year.