Jeh Wadia steps down as MD of Bombay Dyeing a week after quitting GoAir
Jeh Wadia has stepped down as the managing director of Bombay Dyeing and Manufacturing Company, the flagship firm of Wadia Group confirmed.
Published: 02nd April 2021 03:29 AM | Last Updated: 02nd April 2021 02:19 PM | A+A A-
NEW DELHI: Jeh Wadia has stepped down as the managing director of Bombay Dyeing and Manufacturing Company, the flagship firm of Wadia Group confirmed.
In a regulatory filing, the company said that Jeh, son of industrialist Nusli Wadia, would not be renewing his contract as the managing director that expired on March 31, 2021. The development also comes just a week after he stepped down from the leadership role at GoAir.
"In the interim, the day-to-day management of the company will be looked after by Mr Suresh Khurana, CEO (PSF) along with Mr Hitesh Vora, CFO under the supervision of Dr Minnie Bodhanwala, a Director," Bombay Dyeing said in a BSE filing after the conclusion of the meeting of its Board of Directors.
Besides, the Strategic Committee of the Board of Directors comprising of chairman Nusli Wadia, Vinesh Jairath and Sunil Lalbhai, both Independent Directors will continue to provide suitable guidance as done hitherto. Wadia’s stint as MD of Bombay Dyeing stretched for nearly a decade. He was first appointed to the post in March 2011.
When Jeh had stepped down from Go Air, the company had given a similar reason for his exit. The airlines had said the key element of the plan was to strengthen the management of the company by bringing on-board proven industry professionals, a strategy that has worked well for the group in its other ventures including Britannia. The airline, however, said that the 46-year-old would continue as a promoter.