At Indian consumer goods giant Godrej Consumer Products (GCPL), CEO Sitapati announced his resignation immediately after receiving approval for reappointment, and CFO Asif Malbari is set to be promoted to president and CEO. The board approved the appointments at a brief extraordinary meeting.
Godrej Consumer Products (GCPL) announced on the 11th that President and CEO Sitapati had resigned effective immediately, and disclosed that CFO Asif Malbari is scheduled to be promoted as his successor. The unusual move came three days after Sitapati's reappointment was approved at the general meeting of shareholders.
The 10-member board held an extraordinary meeting lasting just 10 minutes, and Sitapati and Malbari each submitted a letter to Chair Nisaba Godrej. Sitapati submitted his resignation, while Malbari accepted the proposal concerning his departure as CFO and appointment as president and CEO.
The resignation came immediately after Sitapati's reappointment was approved at the 26th Annual General Meeting of Shareholders on 7 August, making the appointment a sudden turn of events. Malbari is expected to serve a five-year term as the new president and CEO and is expected to continue in his roles as a member of the CSR, ESG and management committees.
As an interim arrangement for financial oversight, Vishal Kedia was appointed interim CFO effective 12 August. He will also continue to serve on GCPL's Risk Management Committee.