Marico’s Chief Financial Officer Vivek Karve Resigns

Marico Ltd. on Thursday said its Chief Financial Officer Vivek Karve has resigned from the company.

It has appointed its Executive Vice President Pawan Agrawal as its next CFO, the consumer goods firm said in a regulatory filing.

The board of the company in a meeting held on Thursday has accepted the resignation of Karve, who was associated with Marico from last 20 years.

“The Board accepted the resignation of Vivek Karve, chief financial officer, to be effective from the close of business hours on Sept. 10, 2020,” the filing said. “The board appointed Pawan Agrawal as the CFO of the Company with effect from Sept. 10, 2020, in succession to Karve.”

Besides, the board has also approved the scheme of amalgamation between Marico Consumer Care Ltd., a wholly-owned subsidiary of the company, and Marico Ltd.

“The scheme is subject to the requisite statutory/regulatory approvals including the approval of jurisdictional National Company Law Tribunal and the respective shareholders and creditors of the company and Marico Consumer Care,” the firm said.

Marico Consumer Care Ltd. owns various Intellectual Property Rights that are licensed to Marico.

The amalgamation of MCCL and Marico would result in consolidation of business, elimination of a multi-layered structure, and reduction in administrative, compliance and other operational costs.

“There is no cash consideration involved. Since MCCL is a wholly-owned subsidiary of Marico, no shares of Marico shall be allotted under the Scheme in lieu or exchange of the shares of MCCL,” it said.

Karve had joined Marico in 2000 and was appointed as the Chief Financial Officer of the Company on April 1, 2014.

“In his 20 years stellar career in Marico's Group Finance, Karve contributed significantly to the Company's growth and transformation journey,” the filing added.

Agrawal a Chartered Accountant, had joined Marico in 2004 as Regional Operations Manager for South Sales Division in Hyderabad.