Indian fashion major Aditya Birla Fashion and Retail Ltd. (ABFRL) has announced top-level management changes with its incumbent Managing Director Pranab Barua and Chief Financial Officer S. Visvanathan being replaced by Ashish Dikshit and Jagdish Bajaj, respectively.
The Board of Directors of the company approved the aforementioned changes at its 7th Meeting for the financial year 2017-18 held on January 9, 2018.
“Ashish Dikshit, presently serving as the Business Head of the company, has been appointed as the Managing Director of the company, for a period of 5 years w.e.f. February 1, 2018. He will continue to be one of the key managerial personnel (KMP) of the company,” ABFRL said in a BSE filing.
Additionally, Pranab Barua will step down from the position of the Managing Director, with effect from the closing hours of January 31, 2018, and consequently, he will cease to be one of the KMP of the company.
The Board has appointed Barua as an Additional Director w.e.f February 1, 2018, proposed to be appointed as a Non-Executive Director, the company informed.
In a separate filing, ABFRL also announced that S. Visvanathan has resigned from the post of Chief Financial Officer to pursue his career outside the Aditya Birla Group. He will step down w.e.f closing hours of February 28, 2018, and will therefore no longer be one the KMPs of ABFRL.
Consequently, the Board has approved the appointment of Jagdish Bajaj as the new Chief Financial Officer of ABFRL, to be one of the KMPs, w.e.f April 1, 2018.
Bajaj has over two decades of experience with the Aditya Birla Group. He has held multiple senior management positions and played a pivotal role in driving the finance function in the Group’s multiple businesses.
A part of Aditya Birla Group, ABFRL emerged after the consolidation of the Group’s branded apparel businesses comprising ABNL’S Madura Fashion division and ABNL’s subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) in May 2015. Post the consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.