Coromandel International Ltd. (CIL), a leading provider of agri-solutions, has announced a significant leadership transition. Arun Alagappan, the former Executive Vice Chairman, has been appointed and re-designated as the Executive Chairman of the company.
Retirement of A. Vellayan
The appointment of Arun Alagappan follows the retirement of A. Vellayan, the outgoing Chairman and Non-Executive Director of CIL. The board accepted Vellayan’s retirement on Thursday and honored his contributions by appointing him as Chairman Emeritus.
Recognizing Contributions
Vellayan’s appointment as Chairman Emeritus is a recognition of his invaluable contributions to CIL over the past many years. He will continue to provide guidance and share his expertise with the company.
Additional Board Changes
Along with the leadership transition, the board also announced the retirement of M.M. Venkatachalam from his position as Non-Executive Director, effective April 25.
Financial Performance
Meanwhile, CIL, a part of the Murugappa Group, reported a 20% decline in its standalone net profit for the quarter ended March, compared to the year-earlier period. The net profit stood at ₹209 crore, while the total income contracted by 27% to ₹4,027 crore.
Dividend Announcement
The board of CIL recommended a final dividend of ₹6 per equity share for the financial year 2023-24.
Arun Alagappan’s Vision
As the newly appointed Executive Chairman, Arun Alagappan is expected to provide strategic direction and leadership to CIL. His expertise and vision will play a crucial role in driving the company’s growth and strengthening its position in the agri-solutions sector.
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