Mumbai: Suiting fabric maker and real estate developer Raymond has roped in former Coca-Cola (Asia-Pacific) chairman Atul Singh to “lead” the group, signalling a shift to a more professional leadership framework at the Gautam Singhania-owned conglomerate. Singh, 62, has been appointed as executive vice-chairman, a position created by Raymond for the first time in its 97-year history.
Singhania has been relinquishing his chairman’s role in multiple Raymond group entities (J K Files & Engineering and Raymond Consumer Care) and has been appointing professionals to chair their boards. He, however, continues to be a director of these entities, representing his and his family’s shareholding interests. Promoters own 49% in Raymond that has a market cap of Rs 6,207 crore.
Commenting on the leadership changes, Singhania, 56, said, “I have always believed in the philosophy of demarcating ownership and management that brings in global expertise and good governance. Raymond is at an inflection point and has embarked upon the journey to be a future-ready organisation to achieve profitable growth and value unlocking. As we are headed to complete 100 years of our existence, a strong leadership for the organisation will propel us to scale up our businesses both in domestic and global markets.”
Besides Singhania, who is the chairman and MD of Raymond, his wife Nawaz is also on the company’s board.
Singh, a consumer industry veteran, had led multi-billion dollar businesses for well-known brands — including Colgate-Palmolive — globally. In a regulatory filing, Raymond said since the company is also in the business of non-scheduled air transport services, Singh’s appointment requires security clearance from India’s home affairs ministry. Accordingly, the board will consider his appointment after receiving the ministry’s approval, it said.