Textile major Trident on Tuesday said its founder and chairman Rajinder Gupta has expressed his intention to step down as director and non-executive chairman of the company due to health issues and family commitments.
Respecting the request received from Gupta to relieve him from his duties, the company’s board commended the unparalleled contribution of the founder in building the company and graced the decision of prioritising healthcare and family commitments, Trident Limited said in a statement.
Gupta, while expressing his desire to step down from the position, said, “After devoting over three decades at Trident, I requested the board of directors to relieve me and support to prioritise my overall health and wellbeing. My family will also be with me to rebuild my physical and emotional well-being.” He said, “I am hopeful that I will be able to serve once I regain my physical and emotional fitness.” In agreement with the recommendations of the nomination and remuneration committee, the board appointed Gupta as ‘Chairman Emeritus’ of the company with effect from August 9.
In this new role, Gupta will mentor, guide and provide perspective to the board and the management on matters relating to strategy, new business opportunities and corporate governance related matters.
The board and the nomination and remuneration committee also approved the inclusion of two independent directors, one non-independent director and five professional managing directors on the board in addition to the existing directors.
The board has been broadened based on management infrastructure aligned with business verticals — bed linen, bath linen, yarn paper and chemicals.
Trident Limited is the flagship company of Trident Group, a USD over 3-billion Indian business conglomerate.
Headquartered at Ludhiana in Punjab, the company operates in three major business segments — textiles, paper and chemicals — with its manufacturing facilities located in Punjab and Madhya Pradesh. PTI CHS VSD HVA
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