Air-conditioner maker Blue Star has said its managing director Satish Jamdar will retire from the company by the end of 2015-16.
The board, which has cleared Jamdar's retirement, will announce top-level management changes on January 29, 2016, after its board meeting, Blue Star said in a statement.
"The MD of Blue Star Satish Jamdar has expressed his desire to seek early retirement by the end of the current financial year, i.E. March 31, 2016. The board of directors has approved his request," the company said.
It added that Blue Star, which is gearing up for more aggressive growth in 2016-17, will have a new leadership in place.
"The company is ready to shift to a more aggressive growth stance in FY17. This would require a fresh mindset under a new leadership. The company has a succession plan and is expected to announce top-level leadership changes for FY17 after the board meeting on January 29, 2016." it said.
Jamdar was appointed MD in 2009.
