Saugata Gupta to be Marico CEO, while Â Vijay Subramaniam has been named as CEO of Kaya
BestMediaInfo Bureau | Mumbai | January 8, 2013
Marico Limitedâ€™s Board of Directors has, at its meeting held yesterday, approved restructuring of Maricoâ€™s businesses, corporate entities and organisation, effective April 1, 2013. This restructuring is a proactive step to build on Maricoâ€™s sustained value creation.
The business portfolios of Consumer Product Business (CPB) and International Business Group (IBG) businesses are increasingly mirroring each other especially after the company acquired the portfolio of youth brands including Set Wet, Zatak and Livon earlier this year. The company also strongly believes that for the next phase of its value creation journey â€“ the Kaya business â€“ should be run in an entrepreneurial manner independently from the FMCG business of Marico.Â The CPB and IBG will now form a unified FMCG business. Kaya will be sharply redefined as a separate business.
The business undertaking of Kaya housed in Marico Limited will be demerged into MaKE through a High Court approved Scheme of Arrangement, subject to approvals by the shareholders and creditors and lenders in Marico Limited. MaKE will also be listed on BSE and the NSE.
Saugata Gupta, who currently heads CPB, will lead the overall FMCG business as CEO, Marico. He will continue to report to Harsh Mariwala.
Gupta joined Marico in January 2004 as Head - Marketing, and became CEO of CPB in 2007. Â Â
Vijay Subramaniam, who currently heads the International FMCG business, will take over as CEO of Kaya, effective April 1, 2013. He will be in charge of the Kaya business in India and overseas. He will continue to report to Harsh Mariwala.
Subramaniam had joined the company in March 2006. Over the past seven years, he has successfully scaled up the international business turnover ten-fold from less than Rs 100 crore to nearly Rs ,1000 crore.
Ajay Pahwa, Chief Executive Officer, Kaya, has decided to leave the organisation to pursue an entrepreneurial venture backed by private equity investment. He will continue to play his current role till April 1, 2013.