Air conditioning and commercial refrigeration major, Blue Star Limited has appointed Shailesh Haribhakti as the Chairman of the company with effect from April 1, 2019.
Haribhakti will succeed Suneel M Advani. After spending 50 years in Blue Star, Advani will be retiring from the Board on March 31, 2019, following the retirement policy for Non-Executive Directors.
The Board has appointed him Chairman Emeritus with effect from April 1, 2019. He will be an invitee to Board meetings and will be available for consultation in an advisory capacity.
Besides Haribhakti’s appointment as the Chairman of the company, Blue Star has announced several other Board-level changes that were approved at the Meeting of the Board of Directors held on March 5, 2019.
According to a release by Blue Star, Vir S Advani has been elevated to Vice Chairman and re-designated Vice Chairman & Managing Director with effect from April 1, 2019. Additionally, Mr B Thiagarajan has been promoted to the position of Managing Director with effect from April 1, 2019.
Shailesh Haribhakti joined the Board of Blue Star in 2005 as an Independent Director and will be the first professional, Independent Chairman in the history of the Company. He is a renowned Chartered Accountant, and among India's leading authorities on Audit and Tax related matters.
He is an independent Board member/chairman of a number of leading Indian companies including L&T Finance Holdings Limited, Mahindra Lifespaces, Future Lifestyle and ACC Limited.