Corporate India sees old guard making way for the young
As the wind of change blows, 2013 is turning out to be the year of passing of the baton with old guard of corporate India - PRS Oberoi of the Oberoi group, C P Krishnan Nair of the Leela and YK Hamied of Cipla - stepping aside from active involvement in the running of respective businesses for the next leadership to play a bigger role.
It started with patriarch of the Oberoi group, PRS Oberoi (84) handing over the overall management responsibility and authority of EIH Ltd to SS Mukherji, who was re-designated as "Vice Chairman & Chief Executive Officer".
EIH Ltd runs hospitality chain under the Oberoi and Trident brands. Oberoi in his new role as 'Executive Chairman' will look after the renovations of existing hotels and development of future projects of the company and continue to advise and guide the Vice Chairman & Chief Executive Officer and other Executive Directors, as and when required, the hospitality chain said.
Similarly, last week pharmaceutical major Cipla had also said that after a stint of 52 years in the company, YK Hamied (76) has decided to retire as Manging Director of the company from March 31, 2013.
He too would, however, continue to be the Chairman of the company in a non-executive role with effect from April 1, 2013. His brother M K Hamied, who's at present the joint MD, will continue as the company's Managing Director.
Joining the transition bandwagon was another hospitality major, Hotel Leelaventure. The grand old man of Indian hospitality industry, C P Krishnan Nair (91) also stepped down as the Chairman of Hotel Leelaventure, the company he founded in 1987.
The company's board has decided to make him the "Chairman Emeritus & Founder Chairman" considering his contribution to the hospitality chain.
Nair will be succeeded by his eldest son Vivek Nair, who has been elevated by the company's board to be the Chairman and Managing Director.
Hotel Leelaventure's board has also approved the appointment of Nair's younger son, Dinesh Nair as the Co-Chairman and Joint Managing Director of the company. In December last year, Ratan Tata retired as the Chairman of the over $100 billion Tata group, handing over the reins to 44-year-old Cyrus Mistry.
