Executive Nisaba Godrej has decided to resign from the board of luggage major VIP Industries. Godrej cited differences of opinion with regards to succession planning and leadership accountability as her reasons for leaving the company.
“As discussed, due to my differing view on leadership accountability and succession planning, I will be resigning from the board effective June 3rd, 2024,” wrote Godrej in a letter to VIP Industries’ chairman Dilip Piramal, of which a copy was filed on the Bombay Stock Exchange and accessed by ET Bureau. “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.”
Nisaba Godrej is also the executive chairperson of Godrej Consumer Products which retails a wide range of fast moving consumer goods. The executive is also an independent director on the board of automobile manufacturing business Mahindra & Mahindra as well as telecommunications company Airtel.
VIP Industries retails a range of luggage brands including Carlton, VIP, and Skybags. In the 2024 financial year, the business reported a 10% increase in net sales totalling Rs 2,215 crore but net profit decreased significantly to Rs 28 crore compared to Rs 161 crore in the 2023 fiscal year.
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