Consumer brand leader Emami Limited Thursday said its key management control will be passed on to the next generation and its founders, R S Goenka and R S Agarwal will step down from their positions.
Their sons Mohan Goenka and Harsha Agarwal will take over as vice-chairman and managing director of the company.
Mohan Goenka is the eldest son of R S Goenka and Harsha Agarwal is the younger son of R S Agarwal.
The founders will continue to be on the board of the company. R S Goenka will serve as its non-executive chairman and R S Agarwal as chairman emeritus from April 1 without any remuneration.
Sushil K Goenka will step down from his current position as managing director of Emami Ltd and will serve as a whole-time director.
The other siblings of the promoter hold positions of directors in the company with separate responsibilities.
“The Board therefore found them to be deserving candidates and re-designated Mohan Goenka and Harsha V Agarwal and whole time directors as vice-chairman-cum-whole time director, chairman-cum-whole time director and vice chairman cum-managing director respectively, effective 1st April, 2022 to steer the organisation forward, subject to shareholders’ approval,” the company said in a statement.
Mohan Goenka & Harsha Agarwal, the next generation who are taking over the company, have been working as whole-time directors of Emami for over two decades.
“Emami Ltd has been the fruit of our love and passion of creating an indigenous organisation with a difference. It has been our privilege to serve the company and we are grateful to our board for their continued guidance, our team members for their zeal and passion for Emami and helping build and grow the company that we all can be proud of,” the founders said reposing confidence in them.
Emami, which owns brands like Boro Plus and Zandu Balm, is an Indian multinational conglomerate headquartered in Kolkata and manufactures products in the personal care and healthcare segments.
It distributes its products in over 60 countries.
The company was founded in the mid-1970s in West Bengal when two close friends left their high profile corporate jobs to set up a cosmetic manufacturing unit in Kolkata.