One of the country?s oldest family-run hospitality company, EIH, is seeing a management transition, with PRS Oberoi, its 82-year-old chairman and CEO, taking over the advisory role of executive chairman.
Oberoi makes way for SS Mukherji, vice-chairman, who will now be the CEO, responsible for overall management of the company, EIH said in a statement on Wednesday.
Oberoi would look after the development of future projects of the company. He would also ?continue to advise and guide the vice-chairman and chief executive officer and other executive directors, as and when required,? EIH said.
Meanwhile, Oberoi?s son Vikramjit Singh continues to hold his current position of chief operating officer and joint managing director. Oberoi?s nephew Arjun Singh continues to be the chief planning officer and joint managing director.
EIH registered a net profit of R32.77 crore in the quarter ended December, against a net loss of R18.30 crore in the September quarter. On a year-on-year basis, the company?s net profit fell by 28%. The company?s total income for the December quarter were at R323.63 crore, higher by 38% on sequential basis and by 2% on year-on-year basis.
During the last year, EIH saw two new additions on the board including Nita Mukesh Ambani and Manoj Harjivandas as the non-executive directors. The two appointments have been from Reliance Industries, which holds 18.53% in EIH as on December 31. Promoter holding in EIH is 35.23% as on December 31. Share of EIH closed at R70.50, down by 0.56% on Wednesday on the BSE.