Marico re-appoints Saugata Gupta as MD & CEO; Rajan Mittal as additional director

FMCG giant Marico Limited on Friday re-appointed Saugata Gupta as its Managing Director and Chief Executive Officer for another two years.

“Board of Directors of the Company has at its meeting held today, based on recommendation of the Nomination and Remuneration Committee, approved re-appointment of Mr. Saugata Gupta as the Managing Director & Chief Executive Officer for a term of 2 (two) years w.e.f. April 1, 2024 to March 31, 2026," Marico said in a stock exchange filing.

“Saugata Gupta joined Marico in 2004 as the Head of Marketing and was elevated to CEO of India Business in 2007. In 2014, he took over as Managing Director of the company. He was ranked #4 and #47 in the FMCG sector and Pan-India respectively in the Business Today-PWC list of India’s Top 100 CEOs in 2017 and was ranked as ‘India’s Most Valuable CEOs’ by Businessworld in 2016 and 2018,” the company said.

The company has also appointed Rajan Bharti Mittal as an additional director in the capacity of Independent Director for a term of five years with effect from July 1, 2023 to June 30, 2028.

"Mr. Rajan Bharti Mittal is the Vice-Chairman of Bharti Enterprises, one of India’s leading conglomerates with diversified interests in Telecom, Space Communications, Digital Solutions, Financial Services, Real Estate, Agri-Processed foods in addition to other ventures," said Marico in a regulatory filing.

Both the appointments are also subject to approval of the shareholders. The AGM dates are yet to be announced.

Marico also reported 18.6 per cent jump in consolidated net profit at Rs 305 crore for the March quarter as against Rs 257 crore in the year-ago period.

Also Read: Marico reports 19% rise in Q4 profit; reappoints Saugata Gupta as MD & CEO for two years