Indian Hotels CFO quits 4 days after reappointment

The Taj Group has seen senior-level exits in the past 1-2 years

Anil P Goel, executive director and chief financial officer (CFO) of Indian Hotels Company (IHCL), the country’s biggest hotel chain, tendered his resignation four days after he had been reappointed.

“The Indian Hotels Company (The Taj Group of Hotels) announced Goel has sought premature retirement from the services of the company and the same has been accepted by the management,” a statement from the Mumbai-based company said. 

At the 115th annual general meeting (AGM) of IHCL held on August 23, the firm reappointed Goel as a whole-time director of the company, through an ordinary resolution, for a period of five years, ending March 16, 2021. 

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Goel, who is 58, reportedly resigned on August 27. According to disclosures made in the annual report, both IHCL and Goel were bound by a contract that provided a notice of six months by either side in case of termination. However, Goel’s exit came much before the notice period.    

Company chairman Cyrus Mistry was also reappointed director at the same AGM through an ordinary resolution.  

Goel will step down with effect from October 15. When contacted, the company refused to state the reasons behind Goel’s abrupt departure. He was appointed a director in 2008. 

Goel has been with the Tata Group for over 34 years and has held several senior positions in finance, including two in IHCL; the last being a CFO of the company. It was under Goel’s stewardship that IHCL bought stakes in Belmond (formerly Orient Express Hotels), only to sell them at a loss recently. 

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Goel is a chartered accountant and a graduate of Shri Ram College of Commerce, Delhi. He was responsible for the financial function of IHCL and its subsidiaries, besides overseeing central purchases, information technology and mergers & acquisitions. Goel was a director on the boards of several joint ventures, associate and subsidiary companies of the company. 

IHCL has seen a series of senior-level exits in the past one to two years.  With the equally abrupt exit of its former managing director and chief executive Raymond Bickson two years ago, Goel is the latest to join that list. 

Abhijit Mukherji, a 31-year veteran of the group, quit as executive director last year. Mukherji was believed to be close to R K Krishna Kumar, the former Tata Sons director and close confidant of Ratan Tata. Deepa Misra Harris, senior vice-president, global sales & marketing, IHCL, too had stepped down last year. 

Jyoti Narang, chief operating officer, luxury division, was given a new portfolio at Tata Sons to explore new retail opportunities. But she quit the company to join Calderys India.