FMCG firm Marico today announced a top level management change with Saugata Gupta being elevated as Managing Director.
Gupta, the current CEO will assume the role of MD and CEO from April 1, while Harsh Mariwala who has been the Chairman and MD will continue as the chairman of the company.
"Gupta will be inducted into the company's board of directors effective April 1, 2014. Harsh Mariwala will continue as Chairman," , Marico Ltd said in a filing to the BSE.
The above changes are subject to approval by the shareholders at the ensuing annual general meeting of the company, the company said.
"This announcement reflects the next phase of Marico's growth journey. Under Gupta's leadership, Marico has had a track record of sustainable profitable growth...I am confident that we will achieve new heights under the leadership of
Saugata and his team," Mariwala said.
Gupta joined Marico in January 2004 as head of Marketing, and in 2007 was elevated as CEO of the company's India business.
In April 2013, Marico restructured its Consumer Product Business (CPB) in India and International Business Group (IBG) under Saugata’s leadership as the CEO of Marico, the unified FMCG business.
"As part of the new structure, all business heads and group level functions will report to Saugata Gupta," the Mumbai-based firm added.
Marico's product portfolio consists of brands including Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Livon, Setwet, Zatak, Mediker and Revive.
Marico shares were trading at Rs 207 apiece on the BSE, up 0.58 per cent from its previous close.