Pidilite names non-family member MD

MUMBAI: Like some of the other progressive family run businesses, Fevicol maker Pidilite is professionalizing its management structure and has for the first time appointed a non-family member as managing director. Bharat Puri, who has been closely associated with the company since his appointment as an independent director of the company in 2008, will take over as MD effective April 10, this year.
To make way for the top level changes, CMD, M B Parekh will step down from the position of managing director on April 10, 2015 and will become executive chairman. N K Parekh, joint MD will also step down from this position on April 1, 2015 and will become non-executive vice chairman.
Other family members on the board, Ajay Parekh and Apurva Parekh, both executive directors, ``will continue to play a significant role in the company and will work with Bharat on key strategic matters and also help oversee & strengthen various business divisions & functions,'' the company said in a statement.
"We have inducted senior professionals to strengthen our management structure and reduce operational responsibilities of promoter family members,'' Apurva Parekh told TOI.
Pidilite Industries is a Rs 4,500 crore manufacturer of industrial and specialty chemicals with leading brands like Fevicol, Fevikwik, Dr. Fixit and M-Seal. The promoter holding of this homegrown business stands at 69.8% as on December 31, 2015. Some of the other family promoted groups like Godrej and Asian Paints too have professionalized their leadership levels to a great extent with family members taking on a supervisory role in some of the companies.
Puri, who started his career with Asian Paints in 1982, was president - global chocolate, gum and candy categories at Mondelez International in his previous assignment. ``It is indeed an honour to lead Pidilite, an iconic home grown Indian multinational in its next phase of growth,'' said Puri, who was MD of Cadbury India (South Asia) in 2002.
"Bharat has outstanding local and global experience and a great track record. His vision and value system closely matches that of the company,'' said M B Parekh.