Kingfisher beer manufacturer United Breweries Ltd (UBL) on Friday, February 17, said Rishi Pardal, MD and CEO of the company, has tendered his resignation on February 16, 2023.
"...this is to inform you that the Board of Directors of the company at their meeting held today took on record the resignation of Rishi Pardal, Managing Director & CEO. Rishi Pardal has tendered his resignation on February 16, 2023, and accordingly, his 6 months notice period commences," the company said in an exchange filing.
"The board has commenced a search for a new MD and CEO for the company," UBL said.
Jacco van der Linden, President of Asia Pacific, Heineken, and a member of the UBL Board said with Rishi's leadership, UBL has successfully navigated through COVID challenges and has made significant steps in integrating UBL into the Heineken Group while keeping focus on the business.
Heineken obtained control of UBL in India in July 2021, following an acquisition of a majority share in UBL. Since then, UBL has been on an integration journey into the Heineken Group.
Pardal said the past years have been important in the company's evolution. UBL is well-positioned to shape the future of beer and beyond.
Shares of United Breweries Ltd ended at Rs 1,488.65, up by Rs 25.55, or 1.75 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
