Asian Paints appoints former Ashok Leyland MD R Seshasayee as chairman

Asian Paints on Tuesday announced that its board approved the appointment of R Seshasayee, as the chairman of the board and the company, with effect from October 1, 2023. He will continue to hold the position till January 22, 2027.

Seshasayee will replace Deepak Satwalekar, whose term ends on September 30.

The paint major, in a regulatory filing, said, considering the impending retirement of Deepak Satwalekar 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 upto the conclusion of his term of appointment on January 22, 2027.

"The Board of Directors and the entire Asian Paints family places on record, a deep sense of appreciation for the long-standing leadership and contribution from Deepak Satwalekar towards the success of the company," it said.

According to the details, Seshasayee was the managing director of Ashok Leyland Limited from 1998 to 2011, the Executive Vice Chairman from 2011 to 2013 and the Non-Executive Vice Chairman from 2013 to 2016.

He was also the Non-Executive Chairman of IndusInd Bank from 2007 to 2019. He has served as an Independent Director on the Boards of various companies, including ICICI Bank and Infosys Ltd (Chairman from 2015 to 2017). He was the President of Society of Indian Automobile Manufacturers during 2001- 2003 and President of Confederation of Indian Industry during the year 2006-2007.

Seshasayee was appointed as an Independent Director of Asian Paints Limited on January 23, 2017. He is the Chairman of the Investment Committee and the member of the Audit Committee and the Nomination and Remuneration Committee of the Board of Directors of Asian Paints Limited.

On Tuesday, Asian Paints reported a 52.5 per cent year-on-year (YoY) rise in consolidated net profit (after minority interest) for the quarter ended June at Rs 1,550.40 crore compared with Rs 1,016.9 crore in the corresponding quarter last year.

Consolidated sales for the quarter rose 6.7 per cent to Rs 9,153.80 crore from Rs 8,578.90 crore in the same quarter last year, the paints maker told BSE.

Shares of Asian Paints fell sharply today. The stock was down 4.01 per cent to settle at Rs 3,400.10 over its previous close of Rs 3,542.10.

Also Read: Asian Paints Q1 results: Profit soars 52.5% to Rs 1,550 crore; margin expands