Auto component maker Sundram Fasteners (SFL) today announced that its founder Suresh Krishna will step down as Managing Director with daughter Arathi Krishna set to take over the position from April 20.
Krishna, who founded the company in the 1964, will continue to be a Director and Chairman of the Board, the company said in a statement.
As part of changes approved by the company's board in a meeting held today, Arundathi Krishna has been appointed as the Joint Managing Director effective April 20, 2018. She has been serving as the Deputy MD, it added.
Suresh Krishna has been guiding the company for more than five decades and contributing to its growth and diversification. He has been at the helm of the business operations since inception.
He had served as President of the Automotive Component Manufacturers Association of India (ACMA) in 1982-84 and was also President of the industry chamber CII in 1987-88. He was awarded Padma Shri in 2006 for his contribution to the industry.
On the other hand, Arathi Krishna has been serving as Joint Managing Director of the company since 2011, and has been on the board since 2006.
"Under her leadership, several new product lines were set up and stabilised leading to a robust growth and operating performance of the company," Sundram Fasteners said.
Arundathi Krishna has also been on the Board since 2008. She oversees the operations of the domestic subsidiaries and the international subsidiaries in China and England.
"The board feels confident that given their past experience in the company as well as the significant contribution they have made, they will continue to strive towards rewarding all the stakeholders," the statement said.
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