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
Russian President Putin To Host Private Dinner For PM Modi On July 8: Centre
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 BMW Dash By Shinde Sena Leader's Son Led To Mumbai Woman's Death "Don't Want To Give Political Colour": Aaditya Thackeray On Mumbai Accident In Mumbai Hit-And-Run, Speeding BMW Dragged Woman For 100 Metres Elephants Go Out Of Control At Lanka Festival, Pilgrims Flee; 13 Injured France Votes For Second Round Of Votes In Election As Far Right Eyes Power "Democracy Not In Good Health": Pope Francis' Warning To "Populists" Track Latest News Live on NDTV.com and get news updates from India and around the world.