FMCG firm Marico announced that its Chief Financial Officer Vivek Karve has resigned from the company. The firm has appointed Executive Vice-president & Head - finance, Pawan Agrawal as its next CFO, it said in a regulatory filing.
The board of the company in a meeting held on Thursday accepted the resignation of Karve, who was associated with Marico from the last 20 years.
In a filing, it said, “The Board accepted the resignation of Vivek Karve, Chief Financial Officer, to be effective from the close of business hours on September 10, 2020.”
"The board appointed Pawan Agrawal as the CFO of the Company with effect from September 10, 2020, in succession to Karve," the filing further stated.
In addition, the board has also approved the scheme of amalgamation between Marico Consumer Care Ltd (MCCL), a wholly-owned subsidiary of the company, and Marico Ltd.
"The scheme is subject to the requisite statutory/regulatory approvals including the approval of jurisdictional National Company Law Tribunal and the respective shareholders and creditors of the company and Marico Consumer Care," the firm said.
The amalgamation of MCCL and Marico would result in the consolidation of business, elimination of a multi-layered structure, and reduction in administrative, compliance, and other operational costs. Since MCCL is a wholly-owned subsidiary of Marico, no shares of Marico shall be allotted under the Scheme in lieu or exchange of the shares of MCCL.
Meanwhile, Karve had joined Marico in 2000 and was appointed as the Chief Financial Officer of the Company on April 1, 2014. In his 20 years stellar career in Marico's Group Finance, Karve contributed significantly to the company's growth and transformation journey. He has almost two decades of leadership experience across various finance verticals like financial planning and analysis, corporate finance, treasury, investor relations, taxation and commercial functions in the FMCG domain
Incoming CFO Agrawal a Chartered Accountant, who had joined Marico in 2004 as Regional Operations Manager for South Sales Division in Hyderabad has spent over 15 years with Marico and contributed in areas of business finance, strategic business planning, cost optimization, international business operations, setting up internal control architecture, business process transformation, and major taxation transition. Before joining Marico, he worked with Eveready Industries for four years in internal audit and sales commercial functions across many locations.
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