Sical Logistics Ltd, India?s leading provider of multi-modal integrated logistics solutions for bulk and containerized cargo, announced that its board of directors, at a meeting held on 5 May 2009, have approved two major appointments to Sical’s board: Karthik Menon as Vice-Chairman and LR Sridhar as Managing Director.
Karthik Menon is currently a non-executive director on Sical’s board, while LR Sridhar is currently CEO – Bulk Logistics and Director & CEO ? Sical Distriparks Ltd.
The board also approved the appointment of Vinod Giri as IDFC PE’s nominee director.
Comment from Ashwin Muthiah, Chairman, Sical Logistics
The appointment of Karthik Menon and LR Sridhar signals the board’s commitment to bring in, at the ownership and management levels, strong performers with a track record of strategic, management, and operational success, said Ashwin Muthiah, Chairman, Sical Logistics. “We are confident that this team, working in tandem, will bring in a renewed vigor and dynamism to Sical,” he said.
?Karthik Menon, who joins the board in a non-executive and honorary capacity, has been, without doubt, the strategist and driving force behind Sical’s successful business and organizational structuring, set in motion in 2005-06. Given his stellar record not only on Sical, but with the promoter group’s various companies, the board sees Mr Menon in the role of a facilitator to enhance shareholder value,? Ashwin Muthiah said.
?LR Sridhar has a track record of consistent delivery that inspires confidence. In less than three years of joining us, he transformed the container logistics business (Sical Distriparks) from an underachieving division into one of Sical’s most significant and profitable businesses. He was given charge of the bulk logistics business?Sical’s mainstay–barely 6 months ago, and, as a result of his focused approach to operations and business development, profitability margins have begun to rise appreciably in that segment as well.
We expect Mr Sridhar’s inspirational and motivational leadership to help realize our vision of being India’s dominant solutions provider of integrated multi-modal logistics solutions for bulk and containerized cargo,? Ashwin Muthiah said.