Mumbai: Marico Ltd, the maker of Saffola and Parachute oils, on Tuesday announced the appointment of its chief executive officer (CEO) Saugata Gupta as managing director in addition to his role as CEO. Gupta will be inducted into the company’s board of directors on 1 April.

Gupta takes on the managing director’s role from Harsh Mariwala, who will continue as chairman of the group. The changes are subject to approval by shareholders at the ensuing annual general meeting of the company, Marico said in a statement to BSE Ltd.

Mariwala said Gupta’s appointment as MD was a planned progression and a part of the transition the company is going through. My role, however, has changed from getting things done to influencing things," he added.

“I will continue spending at least 25% of my time for Marico and for its growth, so the growth trajectory continues," Mariwala said.

In a separate BSE filing on Monday, the Mumbai-headquartered company also announced the resignation of Milind Sarwate, group chief financial officer. Sarwate’s last day will be 31 March.

Gupta joined Marico in January 2004 as head of marketing and was elevated to CEO in 2007. In 2013, the company restructured its consumer products business in India and overseas under a unified structure, with Gupta leading the unified business.

The announcement reflects the next phase of Marico’s growth. Under Gupta, Marico has had a track record of sustainable profitable growth. Marico has had a five-year annual compounded growth rate of 19% in profit and revenue, Mariwala said in the BSE statement.

Marico’s shares ended 0.61% higher at 207.05 apiece on Tuesday, while the S&P BSE Sensex closed flat at 22,055.21 points.

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