Godrej Group Chairman Adi Godrej will be stepping down from the board of Godrej Consumer Products Ltd (GCPL) later this year, the company said in a regulatory filing on Friday. Nadir Godrej, who is currently serving as the Managing Director of Godrej Industries Limited (GIL), will be taking over as Chairman and Managing Director of the company. 

In a statement, Adi Godrej said it has been a privilege to serve the company for over 40 years. He said that during the tenure, the company was transformed. 

"I am grateful to our Board for their support and guidance; to all our team members whose passion, commitment and hard work has driven our success; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership. I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," the 79-year-old said, Live Mint reported. 

Thanking Adi Godrej for his contribution, Nadir Godrej said, "On behalf of our team at Godrej Industries and our Board, I want to thank our Chairman for his vision, values and exceptional leadership that has guided and shaped our company. Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders."

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After completing his MBA from the MIT Sloan School of Management, Adi Godrej joined the family business and took the Godrej Group to great heights. In 2015, he was named the 405th richest person in the world with a net worth of US$4.0 billion.

Nadir Godrej is the younger sibling of Adi and holds a one-fifth share in the assets of the Godrej Group. The 70-year-old has degrees from MIT, Stanford University and an MBA from Harvard Business School.