Asian Paints Ltd on Monday appointed financial services veteran Leo Puri as an additional independent director and designated him chairman of the board with effect from January 23, 2027, setting the stage for a leadership transition at India's largest paint maker amid intensifying competition and regulatory scrutiny.
The board, acting on the recommendation of its nomination and remuneration committee, unanimously approved Puri's appointment for a first term of five consecutive years from September 7, 2026, to September 6, 2031, subject to shareholder approval, the company said in a filing with the stock exchanges.
Puri will succeed R. Seshasayee, whose term as an independent director ends on January 22, 2027. Seshasayee has chaired the Asian Paints board since October 1, 2023.
The company said Puri would take over as chairman from the following day "considering the impending completion of his term" as an independent director. His chairmanship will run through his term as an independent director, subject to shareholder approval.
Shareholder approval will be sought through a postal ballot, with details to be announced in due course.
Puri, 65, is currently advisory India chair at global private equity firm Apax. He is chairman and independent director of Fortis Healthcare, lead independent director of Dr Reddy's Laboratories and an independent director of Madrid-based Amadeus IT Group.
Puri was earlier chairman for South and Southeast Asia at JPMorgan Chase, managing director and chief executive officer of UTI Asset Management Company, managing director and general partner at Warburg Pincus, and a senior partner at McKinsey & Company.
He is a former chairman of the Association of Mutual Funds in India (AMFI) and currently chairs the governing council of the Institute for Sustainability, Employment and Growth, a not-for-profit policy body.