Asian Paints on July 25 announced that it has appointed R Seshasayee as the Chairman of the board of directors of the company with effect from October 1, 2023, and he will continue in this position until the end of his tenure on January 22, 2027.
Seshasayee will succeed the current Chairman, Deepak Satwalekar, whose term is scheduled to end on September 30.
"... Considering the impending retirement of Mr. Deepak Satwalekar as an Independent Director of the Company, the Board of Directors at their meeting held today i.e. Tuesday, 25 th July, 2023, have appointed Mr. R. Seshasayee, Independent Director, as the Chairman of the Board and the Company with effect from 1 st October, 2023 upto the conclusion of his term of appointment on 22nd January, 2027.," Asian Paints said in a regulatory filing on July 25.
Profile of R Seshasayee
A chartered accountant by profession, R Seshasayee held the position of Managing Director at Ashok Leyland Limited from 1998 to 2011. After this, he assumed the role of Executive Vice Chairman from 2011 to 2013, and subsequently, he served as Non-Executive Vice Chairman from 2013 to 2016.
He was also the Non-Executive Chairman of IndusInd Bank from 2007 to 2019. Over the years, he has acted as an Independent Director on several companies' Boards, including ICICI Bank and Infosys Ltd, where he held the position of Chairman from 2015 to 2017.
During the period 2001 to 2003, Seshasayee held the position of President at the Society of Indian Automobile Manufacturers. During 2006-2007, he served as the President of the Confederation of Indian Industry.
He was appointed as an Independent Director of Asian Paints Limited on January 23, 2017. He currently serves as the Chairman of the Investment Committee in the paints company and is also a member of both the Audit Committee and the Nomination & Remuneration Committees.
In addition to his role at Asian Paints, he holds positions on the boards of various other companies.
Asian Paints on July 25 reported consolidated net profit at Rs 1,574.84 crore for the June quarter of FY24, registering a growth of 52 percent from Rs 1,036.03 crore in the same quarter of the previous financial year.
The company reported a 24 percent rise in profit from Rs 1,268.41 crore in the previous quarter.
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