Adi Godrej chairman emeritus in major reshuffle at Godrej Properties

Pirojsha Godrej to take over as Executive Chairman

Realty firm Godrej Properties on Thursday announced a major shuffle in the leadership of the company with Adi Godrej assuming the charge as Chairman Emeritus position in the company while Pirojsha Godrej, currently the Managing Director and CEO, becoming the Executive Chairman.

Mohit Malhotra, currently the Executive Director in the company will replace Pirojsha and assume the charge of new Managing Director and CEO of Godrej properties, the company said in a statement.

Son of Adi Godrej, who holds a Bachelor's degree in Economics from the Wharton Business School at the University of Pennsylvania, a Master's degree in International Affairs from the School of International and Public Affairs (SIPA) at Columbia University, and an MBA from Columbia Business School, joined the company in 2004 and has been the Managing Director and CEO since 2012.

Malhotra, who joined Godrej Properties in 2010, first headed business development for the company and has since taken on larger leadership responsibilities that currently include heading GPL's pan-India operations.

He was appointed to GPL's Board of Directors as an Executive Director in 2015. Prior to joining Godrej, Malhotra has worked in several leading companies in the FMCG, Private Equity, and Real Estate Development space.

The company has also elevated Karan Bolaria, who currently heads Godrej Fund Management, a subsidiary of Godrej Properties, as its CEO.

All the changes in the leadership will be effective from April 1, the company said.

Commenting on these developments, Adi Godrej, Chairman, Godrej Group, said: "Pirojsha, Mohit, and the Godrej Properties team have delivered tremendous results in a difficult market environment and I'm sure will lead the company to new heights. There will be many exciting opportunities in the Indian real estate space in the coming decades and the leadership team at Godrej Properties is well placed to capture these opportunities and successfully build an outstanding company."