As was promised in November 2021, Raymond has taken an important step towards professionalising the management.
It has appointed Atul Singh, former head of Coca-Cola India, as the Executive Vice Chairman.
- Atul worked with Coca-Cola for about two decades at several leadership positions and was last with them as Chairman, Asia Pacific.
- Prior to joining Coca-Cola, Atul worked at Colgate-Palmolive for 10 years where he held several leadership positions globally.
Atul’s appointment is a significant step for Raymonds and should be seen positively by the investors.
- Although Raymond is a strong established brand, it’s historical performance has been very volatile.
- The Company was always closely run by the founders, the Singhania family. Their lack of focus and questionable corporate governance is generally considered as the key reasons for the poor performance.
- Atul is given the top executive position and hence the hiring doesn’t seem to be optical. There seems to be genuine effort towards opening up the group’s affairs to be managed by the reputed professionals.