Godrej Consumer Products Limited (GCPL) has announced changes to its leadership team, effective July 1, 2020. Nisaba Godrej, currently the Executive Chairperson of the company, will take on the additional role of Managing Director and Chief Executive Officer (CEO). Vivek Gambhir, GCPL's current Managing Director, and CEO and one of the highest-paid FMCG honcho in FY19 has resigned stating personal reasons and will step down as managing director and CEO on June 30, 2020.
In a note to the exchanges, Godrej Consumers said that Gambhir’s resignation has been accepted by the board of directors at its meeting held on June 9. Gambhir will continue to be on the board as a whole-time director until September 30, 2020.
Commenting on the changes, Nisaba Godrej said: "I would like to thank the Board for reposing their confidence in me. Humanity is going through difficult times right now and GCPL is committed to doing whatever is necessary to serve its stakeholders and community. I look forward to working closely with our talented team to drive our company ahead with clarity, hard work, kindness, and a strong sense of purpose, to emerge stronger on the other side. I also want to take this opportunity to thank Vivek for his many contributions to Godrej over the past 11 years. Vivek and I have had a strong partnership for over a decade. He is someone who has not only created a lot of value for Godrej but has also been a wonderful friend and mentor to me. We wish him much success, health, and happiness for the future."
Vivek Gambhir added: "After 11 fulfilling and wonderful years with Godrej, it is time for me to move on to chart the next phase of my journey. For the past many years, I have been living away from my family and seeing them only on weekends. Recently, I had some health problems that made me think more deeply about my lifestyle. Thankfully, I have fully recovered. I would now like to be able to spend more time with my family. Over the last decade, GCPL has transformed into leading emerging markets home and personal care company, with ambitious aspirations. I am very grateful that I had the opportunity to lead such a fantastic team. I have partnered closely with Nisa over many years, and she has been a key architect of GCPL's growth journey. She has also been an amazing friend. I am sure that under her inspiring and authentic leadership, GCPL will achieve even greater success".
The board of directors has requested her to continue as chairperson of the board until March 31, 2022, and have accordingly designated her as chairperson and managing director. The appointments are subject to regulatory provisions.