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April 14, 2001
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Money > Business Headlines > Report April 14, 2001 |
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Subbiah passes Murugappa baton to non-family memberBS Corporate Bureau In a move towards corporate governance, the Rs 39 billion Murugappa group chairman MV Subbiah has stepped down in favour of a non-family member, NS Raghavan. Former Infosys Technologies' joint managing director Raghavan has been appointed the new chairman of the Murugappa Corporate Board, the apex governing board of the group. Raghavan, already an independent director on MCB, will serve as a non-executive chairman. The decision, Subbiah said, was a part of the exercise, initiated in October 1999, for improving corporate governance and transforming the family-owned business into a professionally-managed group. Terming Raghavan's appointment as a temporary arrangement, Subbiah said his specific mandate would be to search for a qualified successor to head the group. However, no deadline has been set for this. Raghavan will also be responsible for effecting the group's vision and strengthening the corporate governance initiatives. Subbiah said the appointment of an independent director as chairman was to indicate to prospective candidates that the company was serious in its restructuring efforts. "Times are changing. If we don't change now, we as a group will run into trouble," he said. Subbiah will now be the MCB executive director in charge of the group's external relations and lead initiatives in business innovation. Powered by ALSO READ:
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