Kindly find attached herewith the Press Release - Godrej Properties announces change in leadership.
Requesting you to carry the release in your esteemed publication.
PRESS RELEASE
Mumbai, 19th January, 2012 For immediate publication
Godrej Properties announces change in leadership
Pirojsha Godrej will take over as Managing Director on April 1st, 2012
Godrej Properties Ltd. (GPL) (BSE: GODREJPRP). The Godrej Properties' Board of Directors is pleased to announce Pirojsha Godrej's appointment as Managing Director and Chief Executive Officer of Godrej Properties Limited (GPL) with effect from April 1st, 2012. Milind Korde, GPL's current Managing Director, has resigned for personal reasons and will step down as Managing Director on March 31st 2012. Milind will continue to support Godrej Properties in the role of Senior Advisor to the company.
Pirojsha has been closely involved in the strategy and operations of Godrej Properties since he first joined the company in 2004. He spearheaded the very successful IPO of Godrej Properties in 2009. GPL has significantly outperformed both the market and its peers in the real estate sector in the 2 years that it has been publicly listed. Since his appointment as Executive Director in 2008, Pirojsha has been involved in a leadership capacity in all key areas of the company's operations. He has a Bachelors degree in Economics from the Wharton School, University of Pennsylvania, a Masters in International Affairs from Columbia University, and a Masters in Business Administration from Columbia Business School.
Additionally, V. Srinivasan who is currently CFO and company secretary at Godrej Industries has been appointed Executive Director of Godrej Properties with effect from April 1st, 2012. Srinivasan began his career in 1989 as an Executive Trainee at the erstwhile Godrej Soaps, and has progressed to roles of increasing responsibility within the Godrej Group. He has headed the Finance and Systems functions at Godrej Agrovet and has handled various responsibilities in the group including information systems. He specializes in treasury management and has been a key leader in the group's organizational and capital structuring initiatives. A Chartered Accountant and Company Secretary by qualification, he has also completed middle and senior management courses at IIM, Ahmedabad and the University of Michigan respectively. The Board believes that Srinivasan will add tremendous value to Godrej Properties.
Adi Godrej, the Chairman of Godrej Properties and the Godrej Group commented, "Pirojsha is well positioned to lead Godrej Properties through its next phase of growth. With our differentiated business model, the power of the Godrej brand and a strong track record across India, Godrej Properties has established itself as a dynamic real estate development company. Pirojsha's leadership, knowledge of the real estate sector, and strategic mindset will be critical in enabling Godrej Properties to achieve its ambitious goals. Srinivasan joining Godrej Properties will further strengthen the leadership team. I would also like to make special mention of Milind Korde's significant contributions to Godrej Properties and thank him for his efforts."
Keki Dadiseth, an Independent Director on the Board of Godrej Properties, added, "The Board has complete confidence that Pirojsha is the right individual to be the next CEO of Godrej Properties. Pirojsha is an inspiring leader and a great team player. He is a role model for Godrej values and is deeply committed to building on GPL's strong performance. Pirojsha will successfully lead the firm through the next phase of its growth and success."
Pirojsha Godrej commented, "I would like to thank the Board for reposing their confidence in me. I feel tremendously privileged to have the opportunity to lead this exciting company. There are vast opportunities available to Godrej Properties in the real estate sector. I look forward to leading the fantastic team we have in place to ensure our company's continued success."
About Godrej Properties Limited:
Established in 1990, Godrej Properties Limited (GPL) brings the Godrej Group philosophy of innovation and excellence to the real estate industry. GPL has completed several landmark projects and is currently developing significant projects in 12 cities across India. Throughout its operations, GPL aims to deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.
Godrej Properties Ltd. is listed on the Bombay Stock Exchange (BSE) and The National Stock Exchange (NSE).
GPL has received several recognitions for its processes and performance which include receiving the 'Best Emerging National Developer' award at the Zee Business - RICS Real Estate Awards 2011. GPL has also featured as the #1 ranked real estate developer for three consecutive years in 'India's Best Companies to Work For' survey, conducted by 'The Economic Times' and 'The Great Place To Work Institute'. GPL has been featured for six consecutive years as one of "India's Top 10 Builders" by Construction World magazine.
For any further Information please contact:
Ketan Sawant
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D: 022 40558961
E: ketan@conceptpr.com
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Ketan Sawant
PR Manager
Concept Public Relations Limited
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