Jewellery behemoth Kalyan Jewellers has announced the appointment of former Comptroller and Auditor General of India Vinod Rai as the chairman and independent non-executive director on the company’s board. TS Kalyanaraman will, however, continue as the Managing Director.
Rai’s appointment would make him the eighth non-executive director on the Board. The Kalyan Jewellers’ board includes former Shoppers Stop CEO Salil Nair, former CEO of L&K Saatchi and Saatchi India Anil Nair, Ex-RBI Deputy Governor Kishori Udeshi, MD at Warburg Pincus India Private Limited Anish Saraf, former Catholic Syrian Bank chairman TS Anantharaman, Ex-MD of State Bank of Travancore Mahalingam Ramaswamy and former Indian Overseas Bank ED Agnihotra Dakshina Murty Chavali.
“It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance,” Rai said on his appointment as Chairman.
Kalyanaraman noted, “We are delighted to welcome Vinod Rai to Kalyan Jewellers as an independent chairman of our board. Kalyan Jewellers has always been committed to trust, transparency and upholding the highest standards of corporate governance, and this event is a natural step in the evolution of our company along that journey. Rai brings a tremendous breadth and depth of experience and we are looking forward to him adding further to the diverse experience we already have on our board today.”
Prior to his appointment on Kalyan Jewellers’ board, Vinod Rai was the former Comptroller and Auditor General of India and the former Chair of the United Nations Panel of External Auditors. He has held various positions within the Indian Government and state governments and as the Chairman of the Banks Board Bureau.
Rai was also a part of the Supreme Court-appointed four-member panel to look into the administration of the Board of Control for Cricket in India (BCCI) until formal elections were held. Former captain of women’s cricket team Diana Edulji, historian Ramachandra Guha and banker Vikram Limaye were a part of this panel apart from Rai.
Rai has master’s degrees in public administration from Delhi School of Economics (DSE) and the Harvard Kennedy School.