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Redington in a spot over CEO
November 24, 2023
|Mint Mumbai
Proxy advisors, investors object after independent director named CEO; company says the Sebi rule doesn’t apply
Redington India Ltd’s decision to name a former independent director as CEO has irked several investors and proxy advisory firms, who disagree with the company’s interpretation of rules limiting independent directors taking up executive roles within a year.
On 11 September, Redington, Apple Inc.’s largest distributor in India, appointed V.S. Hariharan as group CEO, after former managing director Rajiv Srivastava resigned on 11 August, citing personal reasons and without serving any notice period. Hariharan stepped down as chair of the board’s nomination and remuneration committee on 23 August, quit as independent director on 1 September, and joined as CEO 10 days later.
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