Nisaba Godrej resigns as independent director from the board of VIP Industries
BENGALURU , MUMBAI : In a rare case of a business family scion exiting the board of another family-owned company, Nisaba Godrej has resigned as an independent director from the board of VIP Industries Ltd. The development comes over differences in succession planning with Dilip Piramal, the founder-chair of the country’s second-largest luggage maker, which had a market capitalization of $830 million on 5 June. “As discussed, due to my differing view on leadership accountability and succession planning, I will be resigning from the Board effective June 3rd, 2024," Godrej, who is the executive chairperson of Godrej Consumer Products Ltd (GCPL), said in her resignation letter to Piramal, according to a disclosure made by the company to the exchanges.
“Ms Nisa Godrej was not in agreement with our succession planning as also our leadership accountability," Dilip Piramal, who turns 75 in December, told Mint when contacted. “We are aware of these issues and we had certain plans which got delayed due to some operational problems. We have been working with Boston Consulting Group for management consultancy.
However, Ms Godrej is not satisfied with the speed of our actions. In the circumstances, she has decided not to continue to remain on the board." An email sent to Godrej remained unanswered till press time. At the heart of the current issue is the reluctance of Radhika Piramal, VIP’s London-based vice-chairperson and Dilip’s daughter, to continue running the business.
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