Nabar has resigned from the post of ED & CEO to pursue his personal interests outside the organization.

Consequently, he will also cease to be the key managerial personnel of the company as on the same date. To facilitate a smooth transition of role and responsibilities for the incoming MD & CEO, he will work with the firm till 31 May 2023.

The company's board based on the recommendation of the Nomination & Remuneration Committee has approved the appointment of Dr. Rajan Venkatesh as the managing director & chief executive officer (MD & CEO) of the company for a period of five years with effect from 3 April 2023 till 31 March 2028.

Laxmi Organic said that it will seek member's approval for the appointment in due course.

Venkatesh has nearly two decades of global experience in the chemical industry and has a strong track record of working in different roles spanning business management, research, sales, marketing and investment projects, across Europe, Asia (including India). He joins the company from BASF, where he was and responsible for a Euro 1 billion business, across Asia.

He holds a Doctor of Philosophy in Polymer Chemistry from Eindhoven University of Technology, Netherlands; a Master of Philosophy in Polymer Science & Technology from The University of Manchester, UK and Master of Science in Organic Chemistry from Institute of Chemical Technology, Mumbai, India.

Further, the firm stated that Ravi Goenka will step down as the managing director of the company with effect from 3 April 2023, and consequently he will continue as wholetime director for the remaining tenure of this appointment and he will be re-designated as executive chairman of the company.

Laxmi Organic Industries is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals.

The company's consolidated net profit slumped 61.4% to Rs 27.23 crore in Q3 FY23 as against Rs 70.54 crore reported in Q3 FY22. Revenue from operations stood at Rs 654.64 crore in the quarter ended 31 December 2022 from Rs 859.88 crore posted in Q3 FY22, registering a decline of 23.87%.

Shares of Laxmi Organic Industries rose 0.58% to Rs 259 on the BSE.