Godrej Consumer's executive chairperson Nisaba Godrej has resigned as an independent director from the board of luggage and travel accessories maker VIP Industries, citing differences over leadership accountability and succession planning.
The resignation of Godrej group scion as an independent director came on June 3, VIP Industries said in a stock exchange filing on Tuesday.
Nisaba Godrej in her resignation letter said: "Due to my differing view on leadership accountability and succession planning, I will be resigning from the Board effective June 3rd, 2024." The board of VIP Industries is led by Dilip Piramal as Chairman of the Rs 2,250-crore company.
Nisaba Godrej was reappointed to the board of VIP Industries in April 2021 as an independent director and her term was ending on March 31, 2026.
She attended all five meetings held in FY23 and has voluntarily waived off receipt of sitting fees for any meetings attended by her, said the annual report of the company.
In her resignation letter to the chairman of VIP Industries, she further said: "VIP Industries is a wonderful company, a creator of the luggage category in India and the market leader and I wish the company much success in the years to come."
An alumnus of Wharton School and Harvard Business School, Nisaba Godrej is the director of another Godrej group firm Godrej Agrovet. Besides, she is also an independent director of Bharti Airtel and Mahindra and Mahindra.
VIP Industries, which has a market capitalisation of Rs 6,900 crore, competes with Samsonite and Safari Industries in the premium and mass segment.
The company, which owns brands such as Aristocrat, VIP, Carlton, Skybags and Caprese, had a market share of 56 per cent in the branded luggage segment in FY24.
However, the company is facing stiff competition from rivals and its market share is gradually reducing.
For the financial year ended March 2024, VIP Industries' revenue from operations stood at Rs 2,245 crore, up 7.82 per cent year on year.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
PM Modi Pays Tribute To Mahatma Gandhi In Guyana
VIP Industries Rallies On Returning To Profit In June Quarter Rohit Sharma, R Ashwin To Endorse VIP's Brand Aristocrat VIP Industries Falls 5% as Q2 Disappoints Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest "Speculative, Inaccurate": Canada Factchecks Own Media, Backtracks After India's Stinker Indian Student In US Accidentally Shoots Himself Dead While Celebrating Birthday Russia Gave North Korea Anti-Air Missiles In Exchange Of Troops: S Korea Constitution Day 2024: Date, History And Significance Of Samvidhan Divas "Violation Of Sovereignty, Abuse Of Power": Kanwal Sibal On US Report On Adani Group Track Latest News Live on NDTV.com and get news updates from India and around the world.