Vacuum cleaner and water purifier maker Eureka Forbes has said its managing director and CEO Marzin R Shroff will step down, effectively from August.
Shroff, who was leading the company for the last five years, will move to a new role as senior advisor to both Advent International and Eureka Forbes Ltd, said a company statement.
“In his new role as senior advisor, Marzin will use his expansive industry knowledge to assist both Advent and Eureka Forbes with managing business risks, cultivating best-in-class talent and building strong leadership,” it said.
Earlier this year, Shapoorji Pallonji Group had sold its consumer durables business under the Eureka Forbes label to the American private equity fund Advent International.
“Marzin has led Eureka Forbes through a strong transformative phase, helping to grow the company and build iconic brands like Aquaguard and Forbes. Marzin also led the transition process of Eureka Forbes to Advent from the Shapoorji Pallonji Group and has helped to develop Eureka Forbes’ new growth strategy,” the statement said.
Advent Managing Director Sahil Dalal said Marzin helped reshape Eureka Forbes to a powerful omni-channel organisation.
“Under his leadership, Eureka Forbes has nurtured a strong team and built iconic brands centred on innovation and customer service. We look forward to continue benefitting from Marzin’s wealth of experience in his new role as a senior advisor,” he said.
Shroff said: “I am looking forward to continuing my work with Advent International and Eureka Forbes in the capacity of senior advisor, where I hope to utilise my expertise and experience to navigate the current market in the new normal.”
Earlier in April, Shapoorji Pallonji Mistry and six other directors had resigned from the board of Eureka Forbes, with the new owner Lunolux Ltd taking control of the vacuum cleaner and water purifier maker. It had appointed Arvind Uppal as chairman of the company.
Eureka Forbes operates with brands like Aquaguard and Forbes.
A former part of the Shapoorji Pallonji Group and now an Advent International portfolio company, Eureka Forbes’ product portfolio encompasses water purification, vacuum cleaning, air purification and home security solutions.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)