Blue Star Ltd. announced management rejig with the appointment of Shailesh Haribhakti, the renowned chartered accountant and tax specialist, as its chairman, and elevated Vir Advani as vice chairman and managing director.
All the appointments are with effect from April, the air-conditioning and commercial refrigerator maker said in a statement.
Haribhakti succeeds Suneel Advani, who will be retiring from the board at the end of March and will become the chairman emeritus, the company said in a statement.
Haribhakti joined the board of Blue Star in 2005 as an independent director and will be the first professional, independent chairman in the 75-year history of the company, the statement said.
Haribhakti is among the leading authorities on audit and tax-related matters and is actively involved with several prominent financial institutions and industry bodies like National Stock Exchange, Confederation of Indian Industry, Assocham, Indian Merchants’ Chamber.
A certified public accountant, internal auditor, financial planner, cost accountant and fraud examiner, Haribhakti is also the board as member/chairman of many companies like L&T Finance, Mahindra Lifespaces, Future Lifestyle and ACC.
Advani, who has spent 50 years with Blue Star, including 36 years on the board, has been appointed chairman emeritus with effect from April and will be an invitee to board meetings.
The company has also elevated managing director Vir Advani to vice chairman, and re-designated vice chairman and managing director with effect from April.
B Thiagarajan, who was the joint managing director, has been elevated to the position of managing director with effect from April.―Bloomberg Quint