New Delhi: Fast-moving consumer goods (FMCG) major Hindustan Unilever Ltd (HUL) on Wednesday said HDFC Ltd chairman Deepak Parekh, who is an independent director in the company’s board has resigned after more than 14 years of association with the firm citing personal reasons.
Parekh, who was on the company’s board since 1997, resigned after putting in more than 14 years in the firm, HUL said in a filing to the Bombay Stock Exchange (BSE).
A file photo of HDFC Ltd chairman Deepak Parekh.
The resignation is with effect from 27 December 2011, it added.
“Parekh during his long tenure lasting more than 14 years as an independent director made significant contribution to the company and has now chosen to step down given several other commitments that he has,” it added.
Parekh was also the chairman of HUL’s audit committee, it said.
The other independent directors of HUL include A Narayan, TCS vice-chairman S Ramadorai and noted scientist and former director general of Council of Scientific and Industrial Research (CSIR) R A Mashelkar.
Shares of HUL were trading at Rs412.50 on the BSE in the afternoon trade, down 0.94% from its previous close.