As the wind of change blows, 2013 is turning out to be the year of passing of the baton with the old guard of corporate India — P.R.S. Oberoi of the Oberoi group, C. P. Krishnan Nair of the Leela and Y.K. Hamied of Cipla — stepping aside from active involvement in the running of their respective businesses for the next leadership to play a bigger role.
It started with the patriarch of the Oberoi group, P.R.S Oberoi (84) handing over the overall management responsibility and authority of EIH Ltd to S.S. Mukherji, who was re-designated as -'Vice-Chairman & Chief Executive Officer'. EIH Ltd runs the hospitality chain under the Oberoi and Trident brands.
Oberoi in his new role as ‘Executive Chairman’ will look after the renovation of existing hotels and development of future projects and continue to advise and guide the Vice-Chairman & Chief Executive Officer and other Executive Directors, as and when required, the hospitality chain said.
Similarly, last week pharmaceutical major Cipla also said after a stint of 52 years in the company, Y.K. Hamied (76) has decided to retire as Managing Director from March 31, 2013.
He too would, however, continue to be the Chairman of the company in a non-executive role with effect from April 1, 2013. His brother M. K. Hamied, who is at present the joint MD, will continue as the company’s Managing Director.
Joining the transition bandwagon is another hospitality major, Hotel Leelaventure. The grand old man of the Indian hospitality industry, C. P. Krishnan Nair (91), has also stepped down as the Chairman of Hotel Leelaventure, the company he founded in 1987.
The company’s board has decided to make him ‘Chairman Emeritus & Founder Chairman’ considering his contribution to the hospitality chain.
Nair will be succeeded by his eldest son Vivek Nair, who has been elevated by the board to be the Chairman and Managing Director.
Hotel Leelaventure’s board has also approved the appointment of Nair’s younger son, Dinesh Nair as Co-Chairman and Joint Managing Director of the company.
In December last year, Ratan Tata retired as Chairman of the over $100-billion Tata group, handing over the reins to 44-year-old Cyrus Mistry.