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Diversified business conglomerate Godrej Group Chairman Mr Adi Godrej on Saturday said someone from within the family, who could also be a woman, will take over as his successor, whenever it happens.
“I expect that my successor will be someone from the family. Though the heads of the group companies are all professionals, when it comes to leading the group, it will be done by a family member,” Mr Adi Godrej said at a CII-organised event here.
Mr Godrej’s comments come at a time when one of the country’s largest business houses, the Tata Group, is looking for a replacement for Ratan Tata.
Mr Godrej, whose two daughters are actively involved in the running of the businesses within the group, said his successor could also be a woman member of the family.
“Yes, of course, certainly there could be a woman Chairman... my two daughters (Tanya Dubash and Nisaba Godrej) are a part of the business,” he added.
Responding to a question about the involvement of women family members in the company’s management, Godrej said, “In our family, women have been given equal ownership, whether married or not. Women family entrepreneurs are welcome.”
If a family member is to be chosen, external assessment is also very important, he said.
While he did not give a timeline for his succession, Mr Godrej hinted that work on the plan is already on but he does not wish to discuss the same in public.
“The succession plans should be put in place well in advance, as Warren Buffet said, but announcing it in advance should not be done,” Mr Godrej, who is approaching 70, said.
Asked about the qualities of his successor, Godrej said:“The person should be someone who is qualified, passionate and competitive.”
Similarly, the Bajaj Group Chairman Mr Rahul Bajaj said his businesses will continue to be led by a family member.
Responding to a question on the group’s leadership and if someone outside the family could become the chairman, he said, “In the foreseeable future, the answer is a categorical no. I do not think anyone in this country will be able to run Bajaj Auto better than Rajiv Bajaj.”
Mr Adi Godrej and Mr Rahul Bajaj, however, differed on the issue of a retirement age for a corporate leader.
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