MM Murugappan has stepped down as the Chairman and Director of Murugappa Group companies Tube Investments of India (TII), Coromandel International Ltd and Cholamandalam Investment and Finance Company.
On reaching 65 years of age (on November 12), he decided to step down to pursue philanthropy and other interests, TII told the stock exchanges in a communique.
Vellayan Subbiah (50), now Managing Director of TII, has been appointed as an additional director of Cholamandalam. He has also been elected Chairman of the board of Cholamandalam. He was appointed Managing Director (Designate) of TII with effect from August 19, 2017 and took over from August 14, 2018. He was earlier the MD of Cholamandalam Investment and Finance Company Ltd. He is on the board of various companies including Havells India Ltd, Shanthi Gears Ltd. and SRF Ltd.
Subbiah holds a degree in civil engineering from IIT-Madras and a Masters in Business Administration from the Michigan University, US. His professional experience includes a six-year stint with McKinsey, Chicago, and associations with 24/7 Customer Inc, Las Gatos, and The Carlyle Group, San Francisco, said the communique.
A Vellayan and Arun Alagappan have been appointed Additional Directors of Coromandel International Ltd, while MAM Arunachalam has been appointed as an Additional Director of TII.
The TII board has appointed KR Srinivasan as Additional Director and President and Whole-time Director of the company for three years from November 11, 2020 to November 10, 2023, subject to shareholders’ approval.
TII’s main business divisions are cycles, metal forming, tube products and chains. Cholamandalam Investment is the financial services division of the Murugappa Group. It commenced business as an equipment finance company and has emerged as a comprehensive financial services provider offering vehicle finance, and home loans among others.
MM Murugappan decided to step down from the posts on reaching 65 years of age, TII informed the stock exchanges