Asian Paints Undergoes Top-Level Reshuffle
Asian Paints Ltd. said on Wednesday that two of its senior executives —Shyam Swamy and Vishu Goel — have announced their resignations due to "personal circumstances". The resignations, which come amid slower growth projections, were disclosed in separate filings to the stock exchanges.
Swamy had served as the vice president of home improvement, decor, services, and retailing, while Goel served the paint maker as associate vice president of retail sales, commercial, and marketing.
Within few hours of the sudden exits, Asian Paints also informed the exchanges about the new appointees to fill the shoes left behind.
Ashish Rae, who joined the company in 2005 and rose to the ranks of associate vice president of project sales, is set to take the reigns from Goel starting Jan. 2, 2025. Prior to joining Asian Paints, Rae worked in the sales function at Agro Tech Foods Ltd. and Coca Cola India across different parts of the country.
Gagandeep Singh Kalsi, currently the associate VP of strategy and business development, would expand his role to include decor and services effective Dec. 23. He joined the company in 2006 as a management trainee.
In March 2020, Kalsi became general manager-strategy and new businesses where he has been responsible for executing the organisation's strategy for entry into new businesses through partnerships and joint ventures, the company said in a statement. "In this role, he has led the company's M&A efforts in areas of decorative lighting and fenestration."
The timing of these transitions is crucial, coinciding with projections of subdued growth ahead.
Broking firm Nuvama Institutional Equities expects Asian Paints to see slower growth compared to its other listed peers like Berger Paints and Indigo Paints in the second half of the financial year ending March 2025.
The entry of Birla Opus in bigger cities adds to the competitive pressure for Asian Paints. Further, with consumer demand in urban areas dwindling, the brokerage predicted a mere 1% year-on-year volume growth in the December quarter. The company's sales are estimated to decline 3% on a yearly basis, according to Nuvama.
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