Asian Paints Ltd.'s current Managing Director and Chief Executive Officer KBS Anand is set to retire from the company after a four-decade-long career at the firm.
Anand will be replaced by the current chief operating officer Amit Syngle from April 1, 2020, according to the paintmaker's exchange filing. Anand headed the decorative paints unit for four years before he was appointed to the top post in 2012.
Syngle has been the COO for the last two years, heading the Indian decorative business of more than $2.5 billion and also spearheading the newly acquired businesses of kitchen and bathroom decor vertical of the company, the filing said.
Jayesh Merchant, chief financial officer of the company, is also set to retire on Nov. 26 and will be replaced by RJ Jeyamurugan—the current vice-president of the finance division, the filing said.
Asian Paints reported its second-quarter earnings on Tuesday. The paintmaker's profit rose 67.5 percent over last year to Rs 823.40 crore in the three-month period.
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