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Asian Paints appoints former Ashok Leyland MD R Seshasayee as chairman

Asian Paints

Asian Paints stated on Tuesday that its board of directors has accepted the appointment of R Seshasayee as chairman of the board and the company, effective October 1, 2023. He will occupy the job until January 22, 2027. 

Deepak Satwalekar, whose term ends on September 30, will be replaced by Seshasayee. 

In a regulatory filing, the paint company stated, “Given Deepak Satwalekar’s impending retirement as an Independent Director of the company, the Board of Directors at their meeting held today have appointed R Seshasayee, Independent Director, as the Chairman of the board and the company with effect from October 1, 2023 until the end of his term of appointment on January 22, 2027.” 

“The Board of Directors and the entire Asian Paints family expresses heartfelt gratitude to Deepak Satwalekar for his long-standing leadership and contribution to the company’s success,” it added.   

Seshasayee served as the managing director of Ashok Leyland Limited from 1998 to 2011, as well as the Executive Vice Chairman from 2011 to 2013. 

Asian Paints

From 2007 until 2019, he was also the Non-Executive Chairman of IndusInd Bank. He has sat on the boards of several firms, including ICICI Bank and Infosys Ltd (Chairman from 2015 to 2017). He was President of the Society of Indian Automobile Manufacturers from 2001 to 2003, and President of the Confederation of Indian Industry from 2006 to 2007. 

On January 23, 2017, Seshasayee was appointed as an Independent Director of Asian Paints Limited. He is the Chairman of Asian Paints Limited’s Investment Committee, as well as a member of the Audit Committee and the Nomination and Remuneration Committee. 

Asian Paints reported a 52.5% year-on-year (YoY) increase in consolidated net profit (after minority interest) for the quarter ended June at Rs 1,550.40 crore, up from Rs 1,016.9 crore in the same quarter last year. 

Consolidated sales for the quarter increased 6.7% to Rs 9,153.80 crore from Rs 8,578.90 crore in the same period previous year, the paints manufacturer reported to the BSE. 

Asian Paints’ stock dropped dramatically today. The stock closed at Rs 3,400.10, down 4.01 percent from its previous level of Rs 3,542.10.