CHENNAI: A Vellayan, Chairman of EID Parry (India) and Coromandel Fertilisers Limited, is all set to become the new Executive Chairman of Murugappa Corporate Board (MCB) as per the announcements made to the senior executives at the annual meeting here on Saturday.
The interesting thing about the succession is that the $3 billion diversified business conglomerate, founded in 1900, has paved the way for a smooth succession within the family for the top post.
The 56-year-old Vellayan, currently the Vice-Chairman and Director (Strategy) of MCB, will succeed M A Alagappan, who will relinquish office by the end of October. M M Murugappan, now a director on the board, is likely to succeed Vellayan as the Vice- Chairman.
Son of the late M V Arunachalam, Vellayan holds a diploma in business administration from the University of Aston, UK, and a Master’s degree in Business Studies from the Warwick Business Schook, UK. Murugappan has been looking after the engineering and technology-based businesses of the group in his capacity as the Chairman of Tube Investments of India, Carborandum Universal, Murugappa Morgan Thermal Ceramics and Wendt India.
Vellayan has been managing the businesses so well that they have seen greater heights in terms of growth and his succession is in tune with making the group move forward in areas like agro industries, engineering, sunrise industries and services sector.
When contacted, M A Alagappan, the current Executive Chairman, Murugappa Group, acknowledged the fact that he would be relinquishing office by the end of October and after that he would be greatly involved in social and sports activities, apart from lending valuable guidance in the running of the group as and when required.
He also said that he had really enjoyed the tenure at the top and things were really satisfactory to him. Alagappan is the drving force behind the group’s entry into the financial services businesses.
On his succession, Vellayan said that he would have the opportunity to make use of his business experience to see the group’s fortune enjoy a robust growth in the next five years, at the rate of 20 per cent to 25 per cent annually.
“The fourth generation in the Murugappa family is inheriting the legacy of the past and he will be using his business acumen to consolidate the position of the group in the coming days,” he said.