Jeh Wadia, managing director, The Bombay Dyeing and Manufacturing Company Ltd., has stepped down and will not be renewing his contract as MD, the company said after a board meeting on Thursday.
Mr. Wadia, the younger son of chairman Nusli Wadia, stepped down ‘in keeping with the objective of professionalisation of the management,’ it said.
In the interim, the day-to-day management of the company will be looked after by Suresh Khurana, CEO (PSF) along with Hitesh Vora, CFO under the supervision of Minnie Bodhanwala, director.
“The strategic committee of the board of directors comprising Nusli N. Wadia, chairman, Vinesh Jairath and Sunil Lalbhai, both independent directors, will continue to provide suitable guidance as done hitherto,” the statement added.
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