Kalyan Jewellers India, one of India’s largest jewellery companies, has announced board approval for the appointment of Vinod Rai as Chairman and Independent Non-executive Director on the board.
The appointment will be subject to obtaining requisite regulatory and shareholders’ approvals. TS Kalyanaraman will continue as Managing Director on the board.
Vinod Rai is a former Comptroller and Auditor General of India and a former Chair of the United Nations Panel of External Auditors.
Rai said in a statement, “It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner, and upholds the standards of good corporate governance. Kalyan Jewellers has a well-recognised brand, pan-India footprint and a strong management team at the helm. The Kalyanaraman family, with its deep commitment to customer transparency and enlightenment, has been at the forefront of transforming the jewellery retailing sector in India. I eagerly look forward to my association with Kalyan.”
Kalyanaraman said, “We are delighted to welcome Vinod Rai to Kalyan Jewellers as an Independent Chairman of our board. Rai brings a tremendous breadth and depth of experience and we look forward to him adding to the diverse experience we already have on our board today”.
Vinod Rai’s appointment would make him the eighth non-executive director on the board; he joins Salil Nair (Former CEO, Shoppers Stop), Anil Nair (Former CEO, L&K Saatchi & Saatchi India), Kishori Udeshi (Former Deputy Governor of the RBI), Anish Saraf (MD, Warburg Pincus India), TS Anantharaman (Former Chairman, Catholic Syrian Bank), Mahalingam Ramaswamy (Former MD, State Bank of Travancore) and Agnihotra Dakshina Murty Chavali (Former ED of Indian Overseas Bank).