PM Murty to head Asian Paints

Asian Paints has informed the Bombay Stock Exchange (BSE) that it has appointed PM Murty as an additional director and a whole-time Director of the company. Murty will also be designated as the managing director and chief executive officer with effect from 1 April, 2009 when the terms of Ashwin Choksi, chairman, Ashwin Dani, vice chairman and MD and Abhay Vakil, MD come to an end.

Murty is a BSc (Hons) Maths from Calcutta University and a Post Graduate in Management from IIM, Calcutta of 1971 batch. In a career spanning 37 years, Murty has worked in various capacities in the sales, materials, manufacturing plants and human resources of the company. In his last role he was the president of the largest business unit of the company.

Meanwhile Choksi, Dani and Vakil will be additional directors occupying non-executive positions with effect from 1st April, 2009. Choksi will be the non-executive chairman and Dani will be the non-executive vice chairman of the company.

Earlier this year, the company had disclosed the promoters (Ashwin Dani and Ashwin Choksi) pledging 14.98 per cent of the company's equity capital. The shares were pledged to increase the promoter stake in the company from 40 per cent to 50 per cent through creeping acquisition.