Kumar Mangalam Birla has stepped down as non-executive director and non-executive chairman of Vodafone Idea on Wednesday.
Himanshu Kapania, a nominee of the Aditya Birla Group, has been appointed as the non-executive chairman, Vodafone Idea (VIL) said. The changes come at a time when VIL is struggling to stay afloat.
"The Board of Directors of Vodafone Idea, at its meeting have accepted the request of Kumar Mangalam Birla to step down as Non-Executive Director and Non Executive Chairman of the Board with effect from close of business hours on August 4, 2021," it said.
Consequently, the board has "unanimously elected" Himanshu Kapania, currently a non-executive director, as the non-executive chairman, the company said.
Kapania is a telecom industry veteran with 25 years of experience, including significant board experience in telecom companies globally.
He has also served on the Global GSMA Board for two years and was also chairman of the Cellular Operators Association of India (COAI) for two years.
"Further, based on recommendation of Nomination and Remuneration Committee, the Board has appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an Additional Director (Non Executive and Non Independent) with effect from 4 August, 2021," VIL added.
Shares of the company declined Rs 0.09, or 1.49%, to settle at Rs 5.94. The total volume of shares traded was 514,097,954 at the BSE (Thursday).