MUMBAI: Paint and decor company, Asian Paints, Monday announced a change in its top leadership deck as the company’s chief operating officer, Amit Syngle will be taking over as the new managing director and chief executive officer with effect from 1st of April, 2020. The company’s current CEO & MD, KBS Anand will be retiring on 31st of March.

“The Board of Directors at their meeting conducted through video conferencing facility, today, based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee of the Board of Directors, have approved the appointment of Mr. Amit Syngle, as an Additional Director/Managing Director and CEO (Key Managerial Person) of the Company,” the company said in its BSE filing.

Syngle will be appointed as the managing director for a period of 3 years upto 31st March 2023, subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company, the company said.

The company communicated its appreciation of immense contribution made by KBS Anand as the Managing Director & CEO of the Company from 1st April, 2012 to 31st March, 2020.

The paint maker recorded a consolidated net profit of Rs 764.43 crore, a 20% yoy increase for the recent Q3 FY20. Shares of Asian Paints fell 0.56% to trade at Rs 1597.15 on BSE, on Monday.

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