V-Mart Retail Limited has announced a strategic change in its leadership structure, further improving the corporate governance framework with the role of Chairman and Managing Director now being split. While Aakash Moondhra (Independent Director) has been designated as the Chairman, Lalit Agarwal would continue in his role as the Managing Director. Moondhra is the Global CFO of PayU, a Naspers group company, and continues to remain an Independent Director on the board of V-Mart.
Commenting on the appointment, Moondhra said, “I am thankful to the Board for posing the confidence in me and I will try my best to contribute in making V-Mart an even better organisation than it already is and I look forward to this exciting journey together with fellow board members.”
To this, Agarwal added, “The appointment of Aakash as the chairman will herald a new era of corporate governance in the company. Aakash has been a torchbearer of ethics and governance, and this indeed is a big change for a so far promoter-led company which is now embarking on its new charter of growth, ably supported by a deep-rooted professional and independent governance culture. In the long run, this diversion of roles would surely benefit all stakeholders in our value chain.”