Gautam Hari Singhania takes over as Executive Chairman
Mumbai: Raymond Lifestyle has appointed Sunil Kataria as Managing Director and Gautam Hari Singhania as Executive Chairman following shareholder approval during the company’s Annual General Meeting (AGM). The special resolutions for these appointments were passed with the requisite majority, showcasing strong shareholder confidence despite objections raised by proxy advisory firms.
Kataria, who joined Raymond Lifestyle as CEO in March 2022, previously served as CEO of Godrej Consumer Products (India and SAARC). His elevation to Managing Director was among several key resolutions approved during the AGM.
The resolution to appoint Gautam Hari Singhania as Executive Chairman and determine his remuneration received 86.85% of the total votes cast. Singhania, who has been instrumental in steering Raymond’s growth, continues to lead both Raymond Lifestyle and its parent entity following the demerger of the lifestyle business.
Raymond Lifestyle was recently listed on stock exchanges on September 5, marking a new phase for the company. The promoter Singhania family and affiliates hold a 54.68% stake in the business.
Proxy advisory firms, including Empowerment Services (SES) and Institutional Investor Advisory Services India (IiAS), had earlier recommended shareholders vote against Singhania’s appointment, citing concerns over remuneration policies and potential reputational risks. However, shareholders endorsed the resolution through a remote e-voting process that concluded on Wednesday.
A company spokesperson commented, “The shareholders have demonstrated full confidence in the leadership of Gautam Hari Singhania and Sunil Kataria. This reinforces the promoter’s commitment to organizational growth and creating shareholder value.”
Raymond Lifestyle’s AGM also saw the approval of eight other special resolutions, including the appointment of Independent Directors, signaling a new chapter for the company under its enhanced leadership team.