Murugappa Group appoints M M Murugappan as exec chairman, succeeds Vellayan

In a change of guard in the Rs 300 billion-Murugappa Group, M M Murugappan took charge as the Executive Chairman of the Group on Monday, succeeding A Vellayan who has been the Executive Chairman from November 2009. Vellayan retires, as customary in the Murugappa Group, at the age of 65. Murugappan was the vice-chairman of the Group so far.

During his tenure, A Vellayan steered the Group's growth through organic and inorganic initiatives, recording nearly 100% increase in revenues from Rs 159.07 billion in 2008-09 to Rs 300.23 billion in 2016-17. During this period, the Group's earnings before interest, tax, depreciation