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FINWIRES

Mafatlal Industries CEO to Retire; MD Takes Over Additional CEO Role

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-- Mafatlal Industries' (BOM:500264) Chief Executive Officer M.B. Raghunath will retire on May 31, on attaining the age of 60, after over three decades with the company, according to a Tuesday filing on BSE.

Shares of the company fell 1% in Wednesday's trade.

He will continue to support the company in strategy and project-related work post-retirement, the filing said.

The company has appointed Priyavrata H. Mafatlal as chief executive officer, on top of his role as managing director for a three-year term starting June 1, according to the filing.

Mafatlal's appointment is subject to shareholder approval, the company said.

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