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Harsh Mariwala will remain the chairman of the company, Marico said today. The announcement comes after a board meet today morning at the company headquarters in Mumbai.
Milind Sarwate, who was the group CFO of Marico, has already resigned paving the way for deputy Vivek Karve, executive vice-president and head of corporate finance, to take over.
The management rejig comes at a time when Marico is aggressively pushing new products under acquired brands - Livon, Setwet and Zatak. The maker of Parachute and Saffola in the last few years has faced challenges in its core categories as competition intensifies and consumers migrate to newer segments such as light hair oils.
Gupta, an IIT-IIM alumnus, who has been with the company for ten years, is expected to push growth aggressively as Marico looks to reinvent itself.
