Bombay Dyeing and Manufacturing Company Ltd on Thursday said its Managing Director Jeh Wadia has stepped down and as an interim measure its day-to-day management would be looked after by the CEO and CFO of the company.
Jeh Wadia, whose term expired on March 31, has held the position since April 2011.
"In keeping with the objective of professionalisation of the management, Jeh Wadia, MD of The Bombay Dyeing and Manufacturing Company Ltd has stepped down and will not be renewing his contract as Managing Director of the company which has expired on March 31, 2021," the company said in a regulatory filing.
It further said CEO Suresh Khurana and CFO Hitesh Vora would look after the day-to-day management and work under the supervision of Minnie Bodhanwala, a Director of the company.
Besides, the 'Strategic Committee' of the board of directors of the company comprising its Chairman Nusli N Wadia and independent directors - Vinesh Jairath and Sunil Lalbhai, will continue to provide suitable guidance as done hitherto, it added.
Jeh Wadia, son of Chairman Nusli Wadia, had earlier in March this year, stepped down as the Managing Director of Wadia Group-controlled airlines GoAir.
At the time of his stepping down, 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.
