Nisaba is credited with turnaround of Godrej Agrovet during her initial days with the group
After elevating son Pirojsha as the chairman of Godrej Properties in February this year, Adi Godrej, 75, chairman of over 110-years old diversified conglomerate on Tuesday handed over the baton of the flagship entity of the group, Godrej Consumer Products, to Nisaba, the second of his three children, appointing her the new chairperson with immediate effect.
In the holding entity Godrej Industries, elder daughter Tanya Dubash is the executive director.
"Effective May 10, Nisaba Godrej, currently the executive director of the company, will be the executive chairperson. Chairman Adi Godrej will assume the chairman emeritus position at GCPL,"the consumer-facing business of the group said following a Board meeting that also approved the quarterly financial results.
A graduate of Wharton School at the University of Pennsylvania and an MBA from Harvard Business School, Nisaba, 38, is credited with successful turnaround of Godrej Agrovet in her initial days with the group, following which she turned into a key architect of the consumer company's growth strategy, Project Leapfrog, which kicked off in 2007 to accelerate domestic organic growth through innovation and consolidation. Since then, GCPL's market capitalisation has increased twentyfold - from Rs 3,000 crore to Rs 60,000 crore.
"I look forward to the continued guidance of the chairman emeritus to our Board, Vivek and me, as we drive GCPL forward with deep ambition, hard work and a strong sense of purpose," a statement quoted Nisaba Godrej, adding that Vivek Gambhir will continue as managing director and CEO of Godrej Consumer.
Holding a Master's degree in management from the Massachusetts Institute of Technology, Adi Godrej oversaw international expansion of Godrej Consumer, building presence in emerging markets of Asia, Africa and Latin America across three categories of home care, personal wash and hair care.
Adi Godrej stepped down as GCPL on a high note on a day the company reported an over threefold jump in fourth-quarter profit, helped by growth in overseas markets and a recovery in demand at home.
Consolidated net profit for the fourth quarter shot up by 212% to Rs 389.91 crore from Rs 124.84 crore during the corresponding period of FY16.
Total income rose 13% to Rs 2,489 crore during the quarter under review from Rs 2,207 crore a year ago.
TAKING CHARGE
- Nisaba is credited with turnaround of Godrej Agrovet during her initial days with the group
- A Wharton School, University of Pennsylvania, graduate, she is an MBA from Harvard
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