Nestle board proposes five-year extension for CMD Suresh Narayanan1 min read . Updated: 02 Jun 2020, 02:53 PM IST
- Narayanan's present five-year term ends on 31 July
- The company will hold its annual general meeting on 19 June
MUMBAI: The board of Nestle India has proposed a five-year extension for chairman and managing director Suresh Narayanan.
Narayanan's present five-year term ends on 31 July. The board has proposed an extension till July 2025.
He was appointed chairman of the company on 29 October, 2015, in addition to his responsibility as the managing director.
The company will hold its annual general meeting on 19 June.
"Nestle’s board has recommended Mr. Suresh Narayanan’s re-appointment ... is a positive development as Mr. Narayanan has been at the helm of the company’s transformation. NEST was suffering from a lumbering pace of top line growth even before the Maggi crisis, but was transformed to one of the fastest growing companies (on both top line and earnings) under Mr. Narayanan’s leadership," said Motilal Oswal in a report dated 30 May.
Nestle India which reported a 13.5% jump in net profit for the March quarter at ₹525.43 crore had said it remained resilient in the first quarter and delivered volume and mix led growth. Its brands Maggi, Kitkat and Nestlé Munch delivered strong performances.
Nestle India follows the January-December year for accounting.