New Delhi: Raymond Lifestyle has announced the appointment of Sunil Kataria as its Managing Director, following a special resolution passed by the company’s shareholders. This move comes as Gautam Hari Singhania takes on the role of Executive Chairman, solidifying the leadership structure of the recently listed entity.
Kataria, who joined Raymond Lifestyle as CEO in March 2022, brings a wealth of experience from his previous role as CEO of Godrej Consumer Products, India and SAARC. His appointment marks a significant step in the company’s journey following its demerger from Raymond and subsequent listing on stock exchanges in September.
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The appointment of Singhania as Executive Chairman was also approved by shareholders, despite concerns raised by proxy advisory firms regarding remuneration policies and potential reputational risks. Singhania, who continues to hold positions in both Raymond and Raymond Lifestyle, received overwhelming support with 86.85% of the votes in favor of his appointment.
A Raymond Lifestyle spokesperson emphasized that the shareholders’ vote demonstrates confidence in both Singhania and Kataria’s leadership, underscoring the promoter’s commitment to the company’s growth and shareholder value creation. The Singhania family and their affiliates hold a majority stake in Raymond Lifestyle, further solidifying their influence on the company’s direction.
