Turnaround slower, but VIP's on recovery path: Chairman Dilip Piramal
VIP Industries chairman Dilip Piramal said a plan to turn around the country's biggest luggage maker was slower in taking off, prompting independent director Nisaba Godrej to quit the board. He, however, reiterated that the company is on the path to recovery.
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«The organisation is focused on improving its revenues and getting the brand in a better growth phase. However, we do not think we can hurry up the process of change, which is like climbing uphill and stumbling and yet getting up to continue,» Piramal told ET. He added that the company has hired global consulting firm BCG to help restructure the business.
Last week, Nisaba Godrej, executive chairperson of Godrej Consumer Products, resigned from VIP's board citing differing views on leadership accountability and succession. However, Piramal said she felt the board needed to have a better control on its operations and undertake drastic changes including in the management, in contrast to his stance of a plan which may seem slow but focused on getting the brand in a good space.
«We also have two MDs leaving in 2021 and 2023, post which we appointed our CFO as MD last year. Nisaba has also been impatient that recovery is taking much longer. Her contribution has been invaluable and she studies an issue in great detail and is extremely
