Marico MD steps down and CFO quits

Harsh Mariwala, promoter and CMD of consumer goods firm Marico, is stepping down as managing director of the firm, two officials directly aware of the developments said. Saugata Gupta, current CEO, will take over the day-to-day operations of the maker of Parachute hair oil and Saffola edible oils, they said. A formal announcement is expected on Tuesday, subject to board and shareholder approval. Mariwala will continue as chairman of the company. Marico's group chief financial officer Milind Sarwate has resigned after serving the company for over 16 years. Since 1998 when he joined as its CFO, Sarwate was instrumental in driving Marico's inorganic growth agenda, both in India and abroad.

Read the Economic Times news report here.