Godrej Consumer's executive chairperson Nisaba Godrej has resigned as an independent director from the board of luggage and travel accessories maker VIP Industries, citing differences over leadership accountability and succession planning.
The resignation of Godrej group scion as an independent director came on June 3, VIP Industries said in a stock exchange filing on Tuesday.
Godrej in her resignation letter said: "Due to my differing view on leadership accountability and succession planning, I will be resigning from the Board effective June 3rd, 2024." The board of VIP Industries is led by Dilip Piramal as Chairman of the Rs 2,250-crore company.
Nisaba Godrej was reappointed to the board of VIP Industries in April 2021 as an independent director and her term was ending on March 31, 2026.
She attended all five meetings held in FY23 and has voluntarily waived off receipt of sitting fees for any meetings attended by her, said the annual report of the company.
In her resignation letter to the chairman of VIP Industries, she further said: "VIP Industries is a wonderful company, a creator of the luggage category in India and the market leader and I wish the company much success in the years to come." An alumnus of Wharton School and Harvard Business School, Nisaba is the director of another Godrej group firm Godrej Agrovet. Besides, she is also an independent director of Bharti Airtel and Mahindra and Mahindra.
VIP Industries, which has a market capitalisation of Rs 6,900 crore, competes with Samsonite and Safari Industries in the premium and mass segment.
The company, which owns brands such as Aristocrat, VIP, Carlton, Skybags and Caprese, had a market share of 56 per cent in the branded luggage segment in FY24.
However, the company is facing stiff competition from rivals and its market share is gradually reducing.
For the financial year ended March 2024, VIP Industries' revenue from operations stood at Rs 2,245 crore, up 7.82 per cent year on year.
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