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Journalism of Courage
M A Alagappan,executive chairman of the Rs 15,000-crore Murugappa group,is relinquishing his office by the end of October 2009. He will be handing over the chairmanship to A Vellayan,currently the vice-chairman and director-strategy of the Murugappa Corporate Board MCB.
M M Murugappan,currently director on the board will succeed A Vellayan as the vice-chairman. N Srinivasan,director-finance and Sridhar Ganesh,director-human resources will continue to head their respective functions in the Corporate Board. Deepak Satwalekar,Venkatraman Thyagarajan and Sridar Iyengar will continue as independent directors of the board.
Headquartered in Chennai,the Rs 15,646 crore 3 billion Murugappa group is one of Indias leading business conglomerates with interests in engineering,abrasives,finance,general insurance,cycles,sugar,farm inputs,fertilizers,plantations,bio-products and nutraceuticals. Its 29 companies have manufacturing facilities spread across 13 states in India. The group has a workforce of over 32,000 employees.
M A Alagappan has led many of the major businesses of the Murugappa group. He was the driving force behind the groups entry and growth in the financial services businesses. Alagappan has been involved with several industry bodies such as FICCI and SICCI, it said.
Vellayan,who has pioneered many innovative business solutions for the Murugappa group,brings with him vast experience in managing diverse businesses. M M Murugappan is the chairman of Tube Investments of India,Carborandum Universal,Wendt India and Murugappa Morgan Thermal Ceramics Ltd.
