TeamLease announces new chairman, expands board of directors
Premium- TeamLease announced the appointment of Narayan Ramachandran as the new chairman (non-executive)
Listed staffing company TeamLease Services Ltd Wednesday announced the appointment of Narayan Ramachandran as the new Chairman (non-executive) of the company and Manish Sabharwal, the Executive Chairman of the Company has transitioned to the role of Executive Vice Chairman of the firm.
The company has also inducted managing director of Stryker India Meenakshi Nevatia, Mekin Maheshwari, the former chief people’s officer of Flipkart and S. Subramaniam, a former Chief Financial Officer of Titan Company Ltd as new Independent Directors on the Board.
Ramani Dathi has also been redesignated as the Chief Financial Officer of Teamlease.
Ramachandran has been an Independent Director of TeamLease since July 09, 2015 and assumed the role of Lead Independent Director in 2020. An MBA from the University of Michigan, Ann Arbor, B. Tech from IIT, Mumbai and a Certified Financial Analyst, he has over 34 years of experience in the areas of finance and institution building across geographies.
He was part of the founding team at RBL Bank and served as its Chairman. He has previously led the Global Emerging Markets division of Morgan Stanley in New York and Singapore. He was also the CEO and Country Head of Morgan Stanley in India.
“This year we complete 20 years as a company and five years of being listed. It feels like a good time to start preparing for the next 20 years. The expansion of addressable markets, sustained growth rates and prudent governance are key pillars of our execution, strategy and today’s changes strengthen our abilities of Putting India to Work," Sabharwal said.
“Corporate India has been reconfiguring its people supply chains for years, but this revolution has been accelerated by COVID. TeamLease has a central role to play in this transformation and has demonstrated a willingness to take the long view. I look forward to working with my colleagues to accelerate this strategy," said Ramachandran.
The addition of three new Independent Directors will take the size of the TeamLease Board to nine members and the number of Independent Board members to seven. The Board currently has two executive directors -- Ashok Reddy (Managing Director) and Manish Sabharwal (Executive Vice Chairman). Both Reddy and Sabharwal are the co-founders of Teamlease.
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Separately, the staffing firm also announced its Q1 result for the 2021-22 financial year and said it clocked Rs. 1,381.3 c rore revenue in the Q1 of FY22, a growth of 21% when compared with the Q1 revenue of FY21.
“We have managed to sustain our headcount during the second wave across all of our employment businesses. We believe the market opportunity rebounds post Covid and we would drive for aggressive growth through headcount addition. Our operating margin has reached pre-Covid levels, and we continue to focus on margin expansion,"said Ashok Reddy, MD of TeamLease.
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