Realty major DLF on June 4 appointed vice-chairman Rajiv Singh as the new chairman of the company, replacing KP Singh. The latter will continue in a non-executive role as Chairman Emeritus.
Singh, Non-Executive Director/ Chairman of the company, was at the helm of the affairs for over five decades.
At the company's board meeting on June 4, Rajiv Singh was appointed as chairman and Singh was made chairman emeritus.
"As part of succession planning, Dr. K.P. Singh, vide letter dated June 4, 2020, has tendered his resignation from the position of Non-Executive Director/ Chairman of the Company, which was reluctantly accepted by the Board of Directors," the company statement said.
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"Under his dynamic and inspiring leadership, DLF ushered a revolution in India’s real estate space and introduced the concept of epitomized luxury living, world class office complexes offering comfort, security and convenience to the nation. DLF has brought a paradigm shift in the industry by re-defining shopping, recreation and leisure experiences under his leadership," the statement said.
Speaking on the occasion, Singh said: "I am grateful to all our stakeholders and particularly to our customers without whose confidence, trust and faith, DLF would not have tracked its glorious path of success. My sincere thanks to the Board of Directors and the DLF family, without whom we would not have achieved record milestones year after year for decades. As we move into a new India that is transforming at an incredible pace, I am confident DLF will continue to contribute to national growth under the leadership of Rajiv Singh.
"The board has appointed Rajiv Singh, currently vice chairman and whole-time director of the company, as whole-time director designated as ‘Chairman’ of the company with immediate effect," the statement said.
Rajiv is a mechanical engineering graduate from the Massachusetts Institute of Technology, USA and has been the vice chairman of the company since April 9, 1999.