V-Mart Retail Limited announced the appointment of Aakash Moondhra, Global CFO of PayU, as Chairman of the company.
The company also announced a strategic change in its leadership structure, further improving the corporate governance framework with the role of Chairman and Managing Director now being split, with Aakash Moondhra (Independent Director) being designated as the Chairman, while Lalit Agarwal would continue in his role as the Managing Director.
Aakash Moondhra is the Global CFO of PayU, a Naspers group company, and continues to remain an independent Director on the board of VMart.
Commenting on the new development Lalit Agarwal, MD, V-Mart Retail said “The appointment of Aakash as the chairman will herald a new era of corporate governance in the company. Aakash has been a torchbearer of ethics and governance and this indeed is a big change for a so far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture.”
Moondhra commenting on his appointment added that “I am thankful to the Board for posing the confidence in me and I will try my best to contribute in making VMart an even better organization than it already is and I look forward to this exciting journey together with the fellow board members.”
The purpose behind this role separation is not merely with related compliance; rather, it is to ensure an even better and balanced governance structure and effective guidance to the management.
“In the long run, this diversion of roles would surely benefit all stakeholders in our value chain,” added Mr. Agarwal. It is a key to promote overall Board independence while enabling me to focus even more deeply on driving company growth, value creation for all our shareholders, and day-to-day company management.