Moneycontrol
you are here: HomeNewsBusiness
Last Updated : Jan 10, 2019 12:54 PM IST | Source: Moneycontrol.com

Raymond's Gautam Singhania to step down as Chairman from all group companies

Singhania aims to achieve independent governance in his companies and keep his family away from the everyday operations of Raymond

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Gautam Hari Singhania will resign from the post of Chairman from all group companies of Raymond and detach himself from its functioning as he aims to build a firm that can run effectively without the presence of a promoter, The Economic Times reported.

He has already stepped down from the top post in Raymond's FMCG entity -- JK Helen Curtis and Raymond Apparel. He will next exit from JK Files (India) and Ring Plus Aqua. It is uncertain whether he would keep his post in the flagship company, Raymond.

“At Raymond, I don’t know how long I will be Chairman. I have something in mind which I don’t want to talk about now. I am not the Chairman of all other group companies which are significant,” he told the paper.

Singhania aims to achieve independent governance in his companies and keep his family away from the everyday operations of Raymond. "Tomorrow morning if I die there are people identified who will take charge of everything. Raymond can run independently and competitively. My children are very young. I have a responsibility to my wife and children, to my emplyees and shareholders, my banks, institutions and customers," he said.

Singhani said he prefers to rather focus on strategy, new product development, budget, set targets, compensation and public relations for the business, the report said.

Rajeev Bakshi is the Chairman of JK Helen Curtis, while Singhania is a director. In November 2018, Nirvik Singh has replaced him as the Chairman of Raymond Apparel.

Singhania told the paper he is ensuring that the Raymond Group is moving forward to a highly transparent governance structure. “How many family managed companies are there in India where the promoter steps down at a young age as the chairman of the company? That’s where the problem lies,” he stated.

 

 
First Published on Jan 10, 2019 12:50 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant