Emami Limited, one of the country’s oldest consumer brands, said its founders RS Agarwal and RS Goenka have stepped down from their managerial positions, and their sons Mohan Goenka & Harsha Agarwal will take over vice chairman and managing director respectively.
Mohan Goenka is the eldest son of RS Goenka and Harsha Agarwal is the younger son of RS Agarwal.
The founders will continue to be on the board of the company, with RS Goenka serving as Non-Executive Chairman and RS Agarwal as Chairman Emeritus from 1 April, without remuneration.
“The decision comes in the wake of Board restructuring that was part of the succession planning of the FMCG business of the Group,” the company said.
Sushil K Goenka will step down from his current position as the Managing Director of Emami Ltd and will serve as Whole-Time Director.
Mohan Goenka & Harsha Agarwal, the next generation who are taking over the company, have been working as whole-time directors of Emami for over two decades.
“Emami Ltd has been the fruit of our love and passion of creating an indigenous organisation with a difference. It has been our privilege serving the company and we are grateful to our Board for their continued guidance, our team members for their zeal and passion for Emami and helping build and grow the company that we all can be proud of,” the founder said.
“We are confident that our next generation leaders would uphold the legacy and values of Emami going forward. We wish them the very best for the future.”
Emami Group, the maker of Boro Plus and Zandu Balm, is an Indian multinational conglomerate headquartered in Kolkata, India, and manufactures products in the personal care and healthcare segments.
It sells its products in over 60 countries.
The company was founded in the mid-seventies in West Bengal when two childhood friends left their high profile corporate jobs with the Birla Group to set up Kemco Chemicals, a cosmetic manufacturing unit in Kolkata.