Nisaba Godrej to take over as MD and CEO of Godrej Consumer2 min read . Updated: 09 Jun 2020, 11:21 PM IST
- Godrej will also continue to be the chairperson of the board till 31 March 2022
- Vivek Gambhir, GCPL’s managing director and CEO since 2013, will step down on 30 June due to personal reasons
NEW DELHI : Godrej Consumer Products Ltd’s (GCPL’s) managing director (MD) and chief executive officer (CEO), Vivek Gambhir, will step down on 30 June because of personal reasons, the company told the exchanges on Tuesday. Nisaba Godrej, the executive chairperson, will take up the additional role, it said.
“Nisaba Godrej has been appointed as managing director from 1 July to 30 September 2022, subject to the approval of the shareholders at the annual general meeting. She will also continue to be the chairperson of the board till 31 March 2022 and designated as chairperson and managing director," it said.
Nisaba is the daughter of Godrej Group chairman Adi Godrej.
Gambhir, a Harvard Business School graduate who joined GCPL in 2009 as its chief strategy officer, was appointed as the MD and CEO in 2013.
Gambhir will continue to be on the board as a whole-time director till 30 September.
“After 11 fulfilling and wonderful years with Godrej, it is time for me to move on to chart the next phase of my journey. For the past many years, I have been living away from my family and seeing them only on weekends. Recently, I had some health problems that made me think more deeply about my lifestyle. Thankfully, I have fully recovered. I would now like to be able to spend more time with my family," Gambhir said.
“I would like to thank the board for reposing their confidence in me. Humanity is going through difficult times right now and GCPL is committed to doing whatever is necessary to serve its stakeholders and community. I look forward to working closely with our talented team to drive our company ahead with clarity, hard work, kindness, and a strong sense of purpose to emerge stronger on the other side," said Nisaba Godrej.
GCPL posted consolidated net sales of ₹9,826.51 crore for the year ended 31 March, down 3.86% from the year-ago period.
The maker of soaps, household insecticides, and hair colour, which also caters to Africa, the Middle East, and the US, besides the domestic market, had posted net sales of ₹10,221.07 crore in 2018-19.
The company has grown in overseas markets through a series of acquisitions.
In 2016, it acquired a majority stake in Kenya-based Canon Chemicals, a personal and home care firm. In the same year, it also acquired US-based hair-care products maker SON.
Closer to home it competes with Hindustan Unilever in the personal care categories where the former’s Lifebuoy soap leads the personal wash category. It also competes with L’Oréal in the hair colour category.