Goodricke MD Atul Asthana decides to step down; cites personal reasons

"The Group made profits up to 2022. It's only in 2023 a loss was reported mainly due to depressed price realisation," said Asthana

Goodricke Group stated in a regulatory filing on Wednesday that Atul Asthana, managing director and chief executive officer of the company, has decided to step down.

Asthana’s letter dated February 21 mentioned that he was resigning from the post of managing director and chief executive officer with effect from close of business hours on February 29, 2024. “This is entirely due to my personal reasons,” it said.

When contacted, Asthana told Business Standard, “The Group made profits up to 2022. It’s only in 2023 a loss was reported mainly due to depressed price realisation.”

“Last three years have been extremely stressful and tiring to keep a step ahead of the fast deteriorating state of affairs in the industry, especially in 2023; therefore, I decided to take a break and take it easy for some time. Goodricke Group has looked after me very well for the last 39 years and I wish the Group all the very best for the future,” he said.

Asthana’s resignation was accepted by the Goodricke board at its meeting held today.

The company filing said the board expressed its gratitude to Asthana for his almost forty years of distinguished service, both on the gardens and at head office in Kolkata. “He leaves with the board’s good wishes for the future,” it mentioned.

The company also said that the board was currently in the process of selecting a new managing director.

Asthana is also the chairman of the Indian Tea Association (ITA) and would decide on the post in a few days’ time.