Godrej rejigs board, appoints Dalip Sehgal as MD

FMCG major Godrej Consumer Products has appointed Dalip Sehgal as its new managing director as the company restructured its current board of directors.

D Shivakumar has been inducted as an additional director on the restructured board, the company said in a filing with the Bombay Stock Exchange. 

The current chairman and managing director Adi Godrej will remain the company's chairman. Hoshedar Press, who is currently the executive director and president, has been designated as vice chairman of the company.

The reconstitution of the board of Godrej Consumer Products would come in effect from 1 April 2009, and are subject to shareholders' approval, the company added.

Godrej Consumer Products reported a 25-per cent rise in third quarter sales revenues (net of excise) at Rs342 crore and a profit after tax of Rs40 crore.

''The soaps and hair colors categories continue to witness encouraging demand. During the quarter we introduced a new variant of our Godrej No 1 soap. Our hair colour products continue to do well. In our international operations, both Africa and Europe have performed encouragingly.

Despite a challenging economic environment, GCPL is doing well and we will continue to introduce interesting and exciting products in future keeping in mind consumer preferences and needs,'' Adi Godrej, chairman and managing director, GCPL, said.

The board of directors has recommend 100 per cent third interim dividend, which translates to a payout of Re1 per equity share of Re1 face value.