Gautam Singhania to step down as chairman from Raymond Group companies
today Jan 10, 2019
The promoter of Raymond Group, Gautam Singhania, will leave his role as chairman for the business’ group companies to allow them to run competitively and independently of the promoter.
Gautam Hari Singhania has announced that he will leave his role as chairman for Raymond’s group businesses and is also considering leaving the role of chairman at the group’s main business, Raymond Ltd. Singhania has already left his post as chairman at Raymond Apparel (Raymond’s branded clothing business) and the group’s fast moving consumer goods (FMCG) businesses and will subsequently leave his posts at the engineering businesses JK Files and Ring Plus Aqua, as reported by ET Bureau.
“At Raymond Ltd, I don’t know how long I will be the chairman,” said Singhania in a statement. “I have something in mind which I don’t want to talk about now. I am not the chairman of all other group companies which are significant.”
Singhania stated that his reason for leaving the post of chairman is to allow the business to function more competitively. As Singhania is the promoter for the business, he opined that having a separation between chairman and promoter leaving him to focus on strategy and development in his role as promoter.
“How many family managed companies are there in India where the promoter steps down at a young age as the chairman of the company?” Singhania asked ET Bureau. “That’s where the problem lies.” Singhania also stated that he will keep the promoter family away from the day-to-day running of the business and, responding to the recent media storm surrounding his ongoing feud with his father, stated that he wishes to reconcile with Vijaypat Singhania but will not break the law to do so.
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