Change of Guard at Godrej Properties
In a major top-level change at Godrej Properties, chairman Adi Godrej will assume the role of chairman emeritus, making way for son Pirojsha Godrej, who is MD & CEO of the company, to take over as executive chairman from April 01. Mohit Malhotra, an executive director at Godrej Properties, will be the new MD and CEO.
This is the first time the patriarch has moved to a chairman emeritus position in a significant group company. Adi Godrej, who will be 74 this year, continues to be chairman of Godrej Consumer Products (GCPL) and Godrej Industries. The move makes Pirojsha, 36, the first among the next generation of Godrejs to take over as chairman of a publicly listed group firm.
Considering that the senior members of the Godrej family — Adi Godrej, Jamshyd Godrej (67) and Nadir Godrej (65) — have been leading the 120-year-old Group for four decades, there has been speculation on how the succession will play out. Pirojsha’s appointment as chairman of Godrej Properties has triggered a fresh round of speculation as to whether he is being groomed to take on a significant role within the $4.5 billion Godrej Group. , which has diversified interested in consumer products, appliances, chemicals, agri inputs, locks, aerospace and properties.
A few days ago, Pirojsha, who is named after one of the founders of the Godrej Group, was nominated as director on the board of GCPL, a flagship company of the Group. Adi Godrej, chairman, Godrej Group, however, denied any such speculation.