Godrej Properties Ltd said on Thursday that Adi Godrej has resigned as the company’s chairman with effect from 1 April and that his son, Pirojsha Godrej, will take over as executive chairman.
The Mumbai-listed developer also appointed Mohit Malhotra as managing director and CEO with effect from 1 April, it said in a stock-exchange filing.
Pirojsha is currently the MD and CEO while Malhotra is executive director.
While Adi Godrej will move away from day-to-day functioning of the company, he will continue to provide support as chairman emeritus, the developer said.
Adi Godrej is the chairman of the diversified Godrej Group, which also includes publicly listed companies Godrej Consumer Products Ltd and Godrej Industries Ltd and privately held Godrej & Boyce and Godrej Agrovet. Pirojsha is Adi Godrej’s only son. Adi Godrej also has two daughters, Nisaba Godrej and Tanya Dubash, who are executive directors at Godrej Consumer and Godrej Industries, respectively.
Pirojsha joined Godrej Properties in 2004 and was named the MD and CEO in 2012. He studied economics at the University of Pennsylvania’s Wharton Business School and holds an MBA from Columbia Business School.
Malhotra, an IIM Calcutta alumnus, joined Godrej Properties in 2010. He initially headed business development and now heads the company’s pan-India operations. He was appointed to the company’s board in 2015.
In another leadership change, Godrej Properties said that it has appointed Karan Bolaria, who heads Godrej Fund Management, as the unit’s CEO. He will drive Godrej Fund Management’s growth efforts and will continue to report to Pirojsha.
Bolaria has worked with Godrej Properties since 2008 in leadership roles and was responsible for setting up the company’s investment platforms with top global institutional investors.
Godrej Properties had, in March last year, created a real estate funds management unit that raised a $275 million pool of capital with Dutch pension fund asset manager APG Asset Management NV as the lead investor. This was a follow on to the $200 million residential development platform Godrej Properties had set up with an APG-led investor consortium in 2012.
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