In a significant move signalling a structured succession plan, Shapoorji Mistry has resigned as chairman of Afcons Infrastructure, the flagship company of the Shapoorji Pallonji Group, while his son, Pallon Mistry, has been appointed to the board, The Times of India reported on August 29.
This transition marks a pivotal moment for the 160-year-old conglomerate, which has been navigating its leadership dynamics in recent years, the report (by Reeba Zachariah) said.
Shapoorji Mistry, aged 61, has played a crucial role in shaping Afcons since its acquisition from ICICI Bank in 2000. Under his chairmanship, which spanned 13 years, Afcons transformed from a domestic player to a globally recognised infrastructure entity, boasting a market capitalisation exceeding Rs 15,500 crore.
Although he steps down from his role, he will retain the title of chairman emeritus, a non-remunerated position that acknowledges his longstanding contributions.
Pallon Mistry, at just 33 years old, represents the fifth generation of the Shapoorji Pallonji family to take on a leadership role. His induction into Afcons' board follows his earlier appointment to the board of Shapoorji Pallonji and Company (SPCL) in 2015.
A graduate from Imperial College in London, Pallon has been gradually expanding his responsibilities within the group, positioning him as a key figure in the company's future.
The SP Group is owned equally by Shapoorji and his two nephews, Firoz and Zahan Mistry, who are the children of the late Cyrus Mistry, former Tata Sons chairman. While Firoz and Zahan hold directorships in SC Finance, their active roles within the group are limited.
This limited involvement is partly due to decisions made by Cyrus Mistry, who stepped down from his executive position in 2012, and subsequently did not return after his removal from Tata Sons in 2016.
In his resignation, Shapoorji Mistry did not elaborate on the reasons behind his departure from the chairmanship of Afcons. However, he expressed pride in Afcons' journey, stating, “Looking back, I feel humbled by how far Afcons has come since its takeover by SP in 2000.”
His remarks shed light on the company’s evolution and its increasing prominence in the infrastructure sector.
Subramanian Krishnamurthy, who has been associated with Afcons since 2002 and previously served as vice-chairman, has been appointed as the new chairman. This leadership shift is seen as a strategic move to align the company’s long-term objectives with the vision of the Shapoorji Pallonji Group.
Commenting on Pallon's new role, Shapoorji noted that his engagement with the board is expected to enhance the alignment of Afcons’ strategies with the broader aims of the SP Group. This will facilitate a deeper involvement of the family in guiding Afcons’ future while ensuring the professional independence of its operational leadership.
In addition to his responsibilities at Afcons and SPCL, Pallon Mistry is also a trustee of Breach Candy Hospital and has previously served on the board of Sterling and Wilson Renewable Energy before stepping down following a stake sale to Reliance Industries.
This transition marks a pivotal moment for the 160-year-old conglomerate, which has been navigating its leadership dynamics in recent years, the report (by Reeba Zachariah) said.
Shapoorji Mistry, aged 61, has played a crucial role in shaping Afcons since its acquisition from ICICI Bank in 2000. Under his chairmanship, which spanned 13 years, Afcons transformed from a domestic player to a globally recognised infrastructure entity, boasting a market capitalisation exceeding Rs 15,500 crore.
Although he steps down from his role, he will retain the title of chairman emeritus, a non-remunerated position that acknowledges his longstanding contributions.
Pallon Mistry, at just 33 years old, represents the fifth generation of the Shapoorji Pallonji family to take on a leadership role. His induction into Afcons' board follows his earlier appointment to the board of Shapoorji Pallonji and Company (SPCL) in 2015.
A graduate from Imperial College in London, Pallon has been gradually expanding his responsibilities within the group, positioning him as a key figure in the company's future.
The SP Group is owned equally by Shapoorji and his two nephews, Firoz and Zahan Mistry, who are the children of the late Cyrus Mistry, former Tata Sons chairman. While Firoz and Zahan hold directorships in SC Finance, their active roles within the group are limited.
This limited involvement is partly due to decisions made by Cyrus Mistry, who stepped down from his executive position in 2012, and subsequently did not return after his removal from Tata Sons in 2016.
In his resignation, Shapoorji Mistry did not elaborate on the reasons behind his departure from the chairmanship of Afcons. However, he expressed pride in Afcons' journey, stating, “Looking back, I feel humbled by how far Afcons has come since its takeover by SP in 2000.”
His remarks shed light on the company’s evolution and its increasing prominence in the infrastructure sector.
Subramanian Krishnamurthy, who has been associated with Afcons since 2002 and previously served as vice-chairman, has been appointed as the new chairman. This leadership shift is seen as a strategic move to align the company’s long-term objectives with the vision of the Shapoorji Pallonji Group.
Commenting on Pallon's new role, Shapoorji noted that his engagement with the board is expected to enhance the alignment of Afcons’ strategies with the broader aims of the SP Group. This will facilitate a deeper involvement of the family in guiding Afcons’ future while ensuring the professional independence of its operational leadership.
In addition to his responsibilities at Afcons and SPCL, Pallon Mistry is also a trustee of Breach Candy Hospital and has previously served on the board of Sterling and Wilson Renewable Energy before stepping down following a stake sale to Reliance Industries.
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