Adi Godrej would step down as the Chairman of Godrej Industries Limited (GIL), and would be replaced by Nadir Godrej, the company announced on August 13.
Nadir Godrej would also continue to serve as the Managing Director of GIL, the company stated in a regulatory filing.
"Adi Godrej will step down as Chairman and from the Board of Directors of GIL. He will continue to serve as Chairman of the Godrej Group and Chairman Emeritus of GIL. Nadir Godrej, who is currently Managing Director of GIL, will take over as Chairman and Managing Director of the company," it said.
Commenting on the announcement, Adi Godrej said it has been a privilege for him to serve Godrej Industries for over four decades.
"I am grateful to our Board for their support and guidance; to all our team members whose passion, commitment and hard work has driven our success; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership. I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," he said.
Nadir Godrej, in his statement, acknowledged the measures taken by Adi Godrej during his tenure at the helm of GIL.
“On behalf of our team at Godrej Industries and our Board, I want to thank our Chairman for his vision, values and exceptional leadership that has guided and shaped our company. Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," he said.