Veteran industrialist Adi Godrej will step down as chairman as well as from the board of directors of Godrej Industries Ltd, passing on the baton to his younger brother Nadir Godrej, effective October 1, according to a company statement.
The 79-year-old industrialist will continue to serve as chairman of the Godrej Group and chairman emeritus of GIL, said the statement.
"Nadir Godrej, who is currently managing director of GIL, will take over as chairman and managing director of the company," it added.
GIL is a holding company of the Godrej Group. It has significant interests in consumer goods, real estate, agriculture, chemicals and financial services through its subsidiary and associate companies, across 18 countries.
Adi Godrej has served GIL for almost four decades.
"It has been a privilege to serve Godrej Industries for over four decades, during which we have delivered strong results and transformed our company," said Adi Godrej.
He thanked the board for its support and guidance, his team members, business partners, shareholders, investors, and communities, for their continued partnership.
"I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," Adi Godrej.
In the statement, Nadir Godrej thanked his brother for his vision and leadership, which shaped the company.
"On behalf of our team at Godrej Industries and our board, I want to thank our chairman for his vision, values and exceptional leadership that has guided and shaped our company.
"Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," said Nadir Godrej said.
On August 4, Adi Godrej announced to step down from the board of group's FMCG arm, Godrej Consumer Products Ltd (GCPL), effective next month.
In GCPL, he already passed on the baton to his younger daughter Nisaba Godrej in 2017 as chairman. But, he will remain as chairman emeritus of the FMCG firm.