FMCG major Hindustan Unilever Ltd (HUL) today said HDFC Ltd Chairman Deepak Parekh, who is an independent director in the company's board has resigned after more than 14 years of association with the firm citing personal reasons.
Parekh, who was on the company's board since 1997, resigned after putting in more than 14 years in the firm, HUL said in a filing to the BSE.
The resignation is with effect from December 27, 2011, it added.
"Parekh during his long tenure lasting more than 14 years as an independent director made significant contribution to the company and has now chosen to step down given several other commitments that he has," it added.
Parekh was also the chairman of HUL's audit committee, it said.
The other independent directors of HUL include A Narayan, TCS Vice-Chairman S Ramadorai and noted scientist and former Director General of CSIR R A Mashelkar.
Shares of HUL were trading at Rs 412.50 on the BSE in the afternoon trade, down 0.94% from its previous close.