Swiggy Restructures Board with Strategic Appointments
Swiggy has restructured its Board, appointing noon CEO Faraz Khalid as an independent director following the resignation of key investor representatives. This move aims to enhance its independent structure after an IPO, aligning with best practices for public companies. Khalid's expertise is expected to guide Swiggy's growth.
- Country:
- India
In a significant corporate restructuring, Swiggy announced the appointment of Faraz Khalid, the CEO of noon, as an independent director to its Board. The changes come as part of a strategy to enhance the Board's independence following Swiggy's public listing last year, and to align with best governance practices.
This restructuring included the resignation of Sumer Juneja and Anand Daniel, who were non-executive directors representing major investors SoftBank and Accel. Their exit marks a transition period where Swiggy is focusing on stronger corporate governance and an independent board to navigate its future growth trajectory.
Sriharsha Majety, Swiggy's CEO, lauded Faraz for his visionary leadership, while thanking Juneja and Daniel for their past contributions. The revamped Board is seen as a critical step towards long-term value creation and enhanced transparency for all stakeholders involved.
(With inputs from agencies.)
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