Renowned industrialist Adi Godrej will step down as Chairman of Godrej Industries Ltd (GIL) on October 1, and his younger brother, Nadir Godrej, currently the GIL Managing Director, will succeed him, it was announced on Friday.

Adi Godrej, 79, will also step down from the GIL Board of Directors, but will continue to serve as the Chairman of the Godrej Group and also as GIL Chairman Emeritus, while Nadir Godrej, 69, will become the Chairman and Managing Director at the Mumbai-headquartered GIL, as per the company.

Commenting on the announcement Adi Godrej said, “It has been a privilege to serve Godrej Industries for over four decades, during which we have delivered strong results and transformed our company.” He also expressed gratitude to the Board, team members, customers, business partners, shareholders, investors, and communities, for their continued partnership.

The veteran industrialist will step down from the board of Godrej Consumer Products Ltd (GCPL) next month.

After stepping down from the board with effect from September 30, he will remain as Chairman Emeritus of the FMCG firm.

The 79-year-old industrialist passed on the baton of GCPL to his younger daughter Nisaba Godrej in 2017 after leading the company for 17 years. She is the Chairperson and Managing Director of the Rs 11,000 crore-group firm.

Godrej expressed confidence that the Group's "best years are ahead" and looked forward to Nadir Godrej and his team achieving the exciting aspirations.

Nadir Godrej expressed the Board's gratitude to its outgoing Chairman "for his vision, values and exceptional leadership that guided nd shaped" the 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 assured.

(With IANS inputs)