Asian Paints has appointed financial services veteran Leo Puri as an additional independent director and designated him chairman of the board, effective January 23, 2027.
Puri has been appointed for a five-year term as an independent director, running from September 7, 2026, to September 6, 2031, subject to shareholder approval.
He will succeed R. Seshasayee, whose term as an independent director ends on January 22, 2027. Seshasayee has served as chairman of the Asian Paints board since October 1, 2023.
The appointment was unanimously approved by the board following a recommendation from the nomination and remuneration committee. Shareholder approval will be sought through a postal ballot.
Extensive leadership experience
Puri, 65, has held senior positions across financial services, private equity and consulting.
He is currently India advisory chair at global private equity firm Apax. He also serves as chairman and independent director of Fortis Healthcare, lead independent director at Dr Reddy's Laboratories and independent director at Spain-based travel technology company Amadeus IT Group.
Earlier in his career, Puri was chairman for South and Southeast Asia at JPMorgan Chase. He has also served as managing director and chief executive officer of UTI Asset Management Company, managing director and general partner at Warburg Pincus, and senior partner at McKinsey & Company.
Puri is a former chairman of the Association of Mutual Funds in India. He currently chairs the governing council of the Institute for Sustainability, Employment and Growth, a not-for-profit policy body.
Asian Paints faces tougher market
Puri will take over at a challenging time for Asian Paints, with competition in India's decorative paints market intensifying.
The Aditya Birla Group and JSW Group have increased investments in the sector, while other new entrants are also seeking to gain market share. The heightened competition has added pressure on growth and margins for established players.
The leadership transition comes as Asian Paints navigates this increasingly competitive landscape and seeks to maintain its position as India's largest paint maker.