Air conditioning and commercial refrigeration major, Blue Star Limited, has announced several important Board level changes that were approved at the Meeting of the Board of Director.
The Board has unanimously approved the appointment of Mr Shailesh Haribhakti as the Chairman of Blue Star with effect from April 1, 2019. He will succeed Mr Suneel M Advani, who will be retiring from the Board on March 31, 2019 in accordance with the retirement policy for Non-Executive Directors.
Listing Obligations and Disclosure Requirements
In its 75 years of existence, Blue Star maintained the tradition of being ahead of the curve in terms of corporate governance, much before the very terminology came into vogue. In 2019, the Company completes 50 years of being a listed entity in Bombay Stock Exchange (BSE).
The Company is pleased to appoint an Independent Director as the Chairman of the Board
Much ahead of the April 1, 2020 deadline for complying with the SEBI’s revised Listing Obligations and Disclosure Requirements with regard to separation of roles of Chairman and Managing Director, and that the persons holding these responsibilities should not be related to each other, the Company is pleased to appoint an Independent Director as the Chairman of the Board. Mr Shailesh Haribhakti joined the Board of Blue Star in 2005 as an Independent Director and will be the first professional, Independent Chairman in the history of the Company.
Prominent financial institutions
He is a renowned Chartered Accountant, and among authorities on Audit and Tax related matters. He is actively involved with several prominent financial institutions and industry bodies, including the NSE, CII, IMC and ASSOCHAM. He is a certified public accountant, certified internal auditor, financial planner, cost accountant and fraud examiner.
He is an independent Board member/chairman of a number of Indian companies including L&T Finance Holdings Limited, Mahindra Lifespaces, Future Lifestyle and ACC Limited. In recent times, some prominent Boards and Board Committees led by him have been recognized with coveted awards, which speak of his penchant for excellence in the areas of corporate governance and sustainability initiatives. Mr Haribhakti has been the Chairman of the Company’s Audit Committee and has been instrumental in strengthening the Company’s corporate governance practices, and plays a key role in overseeing the financial affairs of the Company.
Culture of trust and empowerment
Mr Advani has immensely contributed to the culture of trust and empowerment
His detailed knowledge of the Company's business and strategy, and of the external market environment, coupled with his expertise, honed over four decades by heading his own business practice, have been invaluable for the Board and the Company. His elevation underlines the importance the Company and its Promoters have always given to professional management.
After spending 50 years in Blue Star, including 36 years on the Board of Directors, Mr Suneel M Advani will be retiring from the Board. He has served the Company for the longest period that any individual has. Mr Advani has immensely contributed to the culture of trust and empowerment that define the Company’s core values and has been associated with Blue Star in various capacities over a period spanning three generations, eventually leading it as Chairman in its Platinum Jubilee year.
comprehensive Executive Management Program
The Board has appointed him Chairman Emeritus with effect from April 1, 2019. He will be an invitee to Board meetings, and will be available for consultation in an advisory capacity. Vice Chairman & Managing Director Mr Vir S Advani has been elevated to Vice Chairman, and re-designated Vice Chairman & Managing Director with effect from April 1, 2019.
Mr Vir S Advani holds Bachelor’s Degrees in Systems Engineering and in Economics from the University of Pennsylvania. He has also completed a comprehensive Executive Management Program at the Harvard Business School. After a 2-year working stint in private equity in New York, Vir joined Blue Star Infotech Ltd in 2000, and later founded Blue Star Design & Engineering Ltd in 2003, designated as its Chief Executive Officer.
Information Technology and Corporate Planning
Vir will be the primary interface between the Board and the Executive Management
In 2007, he moved to Blue Star as Vice President - Corporate Affairs. He was promoted as Executive Vice President in 2008; President - Corporate Affairs & Special Projects in 2009; Executive Director in 2010. In 2016, Vir was appointed Managing Director of the Company.
In his enhanced role, Vir will be the primary interface between the Board and the Executive Management, and will also directly oversee the Company’s subsidiary Blue Star Engineering & Electronics Limited, International Operations, Corporate Finance, Corporate Human Resources, Information Technology and Corporate Planning. Mr B Thiagarajan has been elevated to the position of Managing Director with effect from April 1, 2019. Mr Thiagarajan holds a Bachelor of Engineering degree in Electrical and Electronics from Madurai University.
Projects and Products businesses
He has also completed the Senior Executive Program of the London Business School. He has four decades of work experience, having worked for Larsen and Toubro Ltd, BPL Systems Ltd and Voltas Ltd, prior to joining Blue Star in 1998.
Over the last two decades in Blue Star, Mr Thiagarajan has handled a variety of assignments in the Service business, Corporate Communications & Marketing and Corporate Affairs & Planning, before being promoted to President - AC&R Products Group in 2009. He was elevated to the Board in 2013 and thereafter, was appointed Joint Managing Director in 2016. In his enhanced role, Mr Thiagarajan will now be responsible for the Projects and Products businesses, Manufacturing, R&D, Supply Chain, Customer Service, Corporate Communications and Corporate Marketing Services.