The founders of Emami Ltd — Radhe Shyam Agarwal and Radhe Shyam Goenka — have decided to step down from their executive positions, passing on the baton to the next generation as the Calcutta-based FMCG major starts to put a long-awaited succession plan in place.
Effective April 1, Harsh V. Agarwal, the younger son of R.S. Agarwal, will assume the role of vice-chairman and managing director. Mohan Goenka, the eldest son of R.S. Goenka, will become the vice-chairman and whole-time director.
The elder Agarwal will become chairman-emeritus while R.S. Goenka will become the non-executive chairman. They will not take any emoluments from the company, a statement from Emami said.
Harsh will succeed Sushil Kumar Goenka, who has also decided to step down from his current position as managing director as part of the transition process.
Sushil Goenka, who is the younger brother of R.S. Goenka, will serve on the board as a whole-time director. The new appointments are subject to shareholders’ approval, the board said in an exchange filing on Thursday.
The succession plan within the Emami group — which includes edible oil producer Emami Agrotech, Emami Paper and Emami Realty among other verticals such as healthcare and retail — has been brewing for years and has been a major talking point in Calcutta’s corporate circles. This is the first instance where the plan is being implemented.