Aditya Birla Fashion and Retail Ltd (ABFRL), which retails brands like Van Heusen and Louis Philippe, named a new managing director (MD) and chief financial officer (CFO) for the company after a board meeting on Tuesday.
ABFRL named Ashish Dikshit the business head of its Madura Fashion and Lifestyle division as its new MD, effective 1 February, for a period of five years. Dikshit will continue to be one of the key managerial personnel of the company, ABFRL said in a filing with the BSE.
The current managing director, Pranab Barua, will step down with effect from the closing hours of 31 January. The board, however, has appointed Barua as an additional director for his “vast knowledge and experience”, and has proposed that he be appointed as a non-executive director liable to retire by rotation. The appointments of both Dikshit and Barua are subject to shareholder approval.
In the same filing, the company also said that its CFO S. Visvanathan has resigned to pursue a career outside the Aditya Birla Group. He will step down effective 28 February.
The board has appointed Jagdish Bajaj, who has over two decades of experience with the Aditya Birla Group, as the new CFO, effective 1 April.
These changes come only four months after the resignation of the CEO of ABFRL’s Pantaloons division, Shital Mehta.