Colgate-Palmolive (India) Ltd. shares fell as much as 1.2% to Rs 1,887.95 on Friday after the company announced a change in its managing director and CEO. The stock has declined in nine of the last 10 trading sessions and is down nearly 7% over the same period.
The company said Prabha Narasimhan will step down as managing director and CEO at the close of business on Sept. 27, following her promotion to executive vice president, marketing, Asia-Pacific division, of Colgate-Palmolive.
Colgate-Palmolive India's board has appointed Manish Anandani as her successor for a five-year term from Sept. 28, subject to shareholder and other statutory approvals, according to an exchange filing on Friday.
Manish Anandani To Take Over As CEO
Anandani joins Colgate-Palmolive India from Kenvue, where he was managing director for India and South Asia. He has 30 years of experience across sales, marketing, general management and senior leadership roles, the company said.
He had previously worked at Colgate-Palmolive, joining in 2005 as a regional manager. He held multiple roles across India, Indochina and the corporate office before leaving the company in 2018. His last role at the company was worldwide director in the Global Customer Development function.
Colgate-Palmolive India said Anandani has experience in enterprise strategy, digital and e-commerce transformation and market expansion across developed and emerging economies. He holds a degree in electronics, an MBA in marketing and an Executive MBA in leadership from the Tuck School of Business in the US.
Narasimhan To Move To Asia-Pacific Role
Narasimhan's resignation follows her promotion to the Asia-Pacific marketing role at Colgate-Palmolive. In her resignation letter, she said, "I hereby resign from the position of Managing Director & CEO of Colgate-Palmolive (India) Limited" with effect from the close of business on Sept. 27.
She will also cease to be a director and member of the Stakeholders' Relationship Committee, ESG & Corporate Social Responsibility Committee and Risk Management Committee from the same date.
Narasimhan also thanked the board and leadership team for their support during her tenure, saying, "It has been my pleasure to serve on the Board as Managing Director and CEO of the Company."
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