The Board of Directors of Murugappa Group’s Tube Investments of India Ltd (TII) has approved a leadership transition for Vellayan Subbiah (54), following his request for a change in role.
Subbiah will step down as Executive Vice Chairman of TII at the close of business hours on March 31, 2025. From April 1, 2025, he will assume the position of Non-Executive Vice Chairman, continuing to provide strategic guidance and support for the company’s growth and new projects, according to a stock exchange filing.
Simultaneously, Subbiah has been appointed as the Whole-time Director, designated as Executive Chairman of Cholamandalam Investment & Finance Company, Murugappa Group’s NBFC arm. His five-year tenure in this role will run from April 1, 2025, to March 31, 2030. Until then, he will continue as the Non-Executive Chairman of Cholamandalam Investment & Finance Company until March 31, 2025.
His appointment and remuneration are subject to shareholder approval, and a postal ballot notice will be issued in accordance with regulatory requirements. The company also confirmed that Subbiah is not debarred from holding a directorship by SEBI or any other authority. Effective April 1, 2025, he will be classified as key managerial personnel.