Eureka Forbes MD and CEO resigns

21 Jun 2022 , 01:06 PM

Eureka Forbes said that Marzin R. Shroff will step down as managing director and CEO of the company, with effect from August 2022 and will move to a new role as senior advisor to both Advent International and Eureka Forbes. Marzin has led Eureka Forbes through a strong transformative phase, helping to grow the company and build iconic brands like Aquaguard and Forbes. Marzin also led the transition process of Eureka Forbes to Advent from the Shapoorji Pallonji Group and has helped to develop Eureka Forbes new growth strategy. Under Marzins leadership, Eureka Forbes has nurtured a strong team centred on a culture of innovation and customer service, the company stated. In his new role as senior advisor, Marzin will use his industry knowledge to assist both Advent and Eureka Forbes with managing business risks, cultivating best in class talent and building strong leadership. Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. With 15 offices in 12 countries, Advent International has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. Eureka Forbes is Indias leading health and hygiene leader with brands like Aquaguard & Forbes. A former part of the Shapoorji Pallonji Group and now an Advent International portfolio company, Eureka Forbes product portfolio encompasses water purification, vacuum cleaning, air purification and home security solutions. The company reported a net profit of Rs 4.82 crore in Q4 FY22 as compared to a net loss of Rs 0.84 crore in Q4 FY22. Net sales surged Rs 373.42 crore in Q4 FY22 from Rs 2.90 crore recorded in Q4 FY21. Shares of Eureka Forbes surged 10.68% to Rs 313.50 on the BSE.Powered by Capital Market – Live News