Nisaba Godrej Resigns from VIP Industries Board Citing Leadership Differences

Nisaba Godrej Resigns from VIP Industries Board Citing Leadership Differences

Godrej Consumer Products’ Executive Chairperson Nisaba Godrej has resigned from her role as an independent director on the board of VIP Industries, citing differences over leadership accountability and succession planning. The resignation, effective June 3, 2024, was officially announced by VIP Industries in a stock exchange filing on Tuesday.

In her resignation letter, Godrej stated, “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 chaired by Dilip Piramal and oversees a ₹2,250-crore company specializing in luggage and travel accessories.

Nisaba Godrej was reappointed to the VIP Industries board in April 2021 as an independent director, with her term originally set to end on March 31, 2026. She has been an active participant, attending all five board meetings held in FY23, and had voluntarily waived her sitting fees for these meetings.

In her resignation letter addressed to the chairman of VIP Industries, Godrej expressed her admiration for the company, stating, “VIP Industries is a wonderful company, a creator of the luggage category in India and the market leader. I wish the company much success in the years to come.”

Godrej, an alumna of Wharton School and Harvard Business School, holds directorial positions at Godrej Agrovet and serves as an independent director for Bharti Airtel and Mahindra and Mahindra.

VIP Industries, with a market capitalisation of ₹6,900 crore, is a leading player in the luggage and travel accessories market, competing with brands such as Samsonite and Safari Industries. The company, known for brands like Aristocrat, VIP, Carlton, Skybags, and Caprese, held a 56 percent market share in the branded luggage segment in FY24. However, it faces increasing competition and a gradually diminishing market share.

Sources By Agencies

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