The Rs 30,000-crore Murugappa Group on Monday announced the appointment of vice-chairman M M Murugappan as executive chairman. He succeeds A Vellayan, who retired as executive chairman at the age of 65.
Murugappan has been serving as the group’s vice-chairman since November 2009, spearheading technology, innovation and environment, health & safety (EHS) initiatives across the Group, a company statement said. He is on the board of several companies outside the Murugappa Group including Mahindra & Mahindra and Cyient Ltd.
According to the statement, Vellayan steered the Group’s growth through organic and inorganic initiatives, recording nearly 100 per cent increase in revenues from Rs 15,907 crore in 2008-09 to Rs 30,023 crore in 2016-17.
The Chennai-based business conglomerate has 28 businesses, including nine listed firms.