Mariwala steps down as Marico MD; to play mentor's role

Marico CMD, Harsh Mariwala has stepped down as the company's managing director and handed over the reins to the company's India CEO Saugata Gupta.

My role would continue at one level - I would be acting as a guide. I would be able to add value to the company.

Harsh Mariwala

CMD

Marico

It's the most important management change in the history of Marico . Its promoter and CMD Harsh Mariwala has stepped down as the company's managing director and handed over the reins to the company's India CEO Saugata Gupta. The changes are effective from April I, 2014.

On the sidelines of Marico's innovation awards he told CNBC-TV18's Kritika Saxena, "This has been a planned transition over a period of time. I have relinquished a lot of responsibilities over last one or two years."

He further said: "In the last year itself, we have had a CEO who is handling both domestic and international business. My role would continue at one level - I would be acting as a guide. I would be able to add value to the company. So, I will not be completely withdrawn and will be actively involved but not as much as I was doing it in the past."

Also read: Marico group CFO Sarwate resigns  

Marico stock price

On February 24, 2014, Marico closed at Rs 213.30, down Rs 1.7, or 0.79 percent. The 52-week high of the share was Rs 251.10 and the 52-week low was Rs 190.50.

The company's trailing 12-month (TTM) EPS was at Rs 7.92 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 26.93. The latest book value of the company is Rs 30.88 per share. At current value, the price-to-book value of the company is 6.91.

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