Suresh Neotia, one of the two founder promoters of Ambuja Cements, has stepped down from the chairmanship of the company.
A company release said that Vice-Chairman N. S. Sekhsaria, who had set up the company with Mr. Neotia, had been appointed Chairman and Paul Hugentobler would be the Vice-Chairman of the company. These developments come after Mr. Neotia informed the board that he would like to retire from corporate assignments and would prefer to spend time on things dearer to him.
In appreciation of his contribution in taking the seven-lakh-tonne capacity to 22 million tonnes in 15 years and building a brand of repute, the board conferred on Mr. Neotia the status of Chairman Emeritus.
These changes are effective from September 24, the release said.