Marzin R Shroff steps down as Managing Director and CEO of Eureka Forbes; stock spurts ~11%

21 Jun 2022 , 01:15 PM

Eureka Forbes Limited announced that its current Managing Director and CEO, Marzin R Shroff will step down from his position effective from August 2022. Post his resignation he will move to a new role as Senior Advisor to both Advent International and Eureka Forbes.

Marzin has guided Eureka Forbes through a period of significant transformation, assisting in the growth of the firm and the creation of renowned brands such as Aquaguard and Forbes.

Marzin also oversaw Eureka Forbes' transition from the Shapoorji Pallonji Group to Advent and assisted in the development of Eureka Forbes' new growth plan. Eureka Forbes has built a solid team around a culture of innovation and customer service under Marzin's leadership.

He will use his extensive industry knowledge in his new role as Senior Advisor to assist both Advent and Eureka Forbes in managing business risks, cultivating best-in-class talent, and developing strong leadership.

Advent's Managing Director, Sahil Dalal, stated, "Marzin was instrumental in transforming Eureka Forbes into a powerful omnichannel organization. Eureka Forbes has built a strong team and iconic brands centered on innovation and customer service under his leadership. In his new capacity as a Senior Advisor, we look forward to continuing to benefit from Marzin's wealth of experience."

At around 1.10 PM, Eureka Forbes' counter was trading at Rs313.50, up by 10.58% against its previous close of Rs283.25 on BSE. So far in the day, it hit intraday high and low of Rs317 and Rs282 respectively.