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Deepak Satwalekar, independent director and chairman of the company, will retire at the conclusion of his term on Sept. 30, 2023.
July 28, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints announced that Deepak Satwalekar, independent director and chairman of the company and the Board of Directors, will retire at the conclusion of his term of appointment on Sept. 30, 2023. Considering the impending retirement of Satwalekar, Asian Paints appointed Mr. R. Seshasayee, independent director, as the chairman of the Board and the company with effect from Oct. 1, 2023 up to the conclusion of his term of appointment on Jan. 22, 2027. Manish Choksi shall continue to be the non-executive vice chairman of the company. The Board of Directors and the entire Asian Paints family places on record, a deep sense of appreciation for the long-standing leadership and contribution from Deepak Satwalekar towards the success of the company. Seshasayee was the managing director of Ashok Leyland Limited from 1998 to 2011, the executive vice chairman from 2011 to 2013 and the non-executive vice chairman from 2013 to 2016. He was also the non-executive chairman of IndusInd Bank from 2007 to 2019. He has served as an independent director on the boards of various companies, including ICICI Bank and Infosys Ltd (chairman from 2015 to 2017). He was the president of Society of Indian Automobile Manufacturers during 2001-2003 and president of Confederation of Indian Industry during the year 2006-2007. Seshasayee was appointed as an independent director of Asian Paints Limited on Jan. 23, 2017. He is the chairman of the Investment Committee and the member of the Audit Committee and the Nomination & Remuneration Committee of the Board of Directors of Asian Paints Limited.
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