RJ Corp, a $3-billion enterprise headed by Ravi Jaipuria, has announced a formal strategic succession plan that places his children, Varun and Devyani, at the forefront, charting the destiny of the conglomerate in the future, as per Economic Times. In this plan, Varun Jaipuria would take over the mantle of the food and beverage division, whereas Devyani Jaipuria would head the health and education sectors.
Livemint could not independently verify this news development.
“Succession planning at RJ Corp has been established that includes a roadmap for Varun and Devyani to take on strategic leadership roles,” Ravi Jaipuria told ET. He said, “Daily operations will continue to be run by professionals,” thereby giving enough indication of the long-term commitment of the company amidst the ongoing change to professional management, as quoted by ET.
Varun Jaipuria, 36, is poised to lead Varun Beverages Limited (VBL) and Devyani International Limited (DIL), which are part of the RJ Corp portfolio and named after Jaipuria’s kids. VBL is the second largest bottler of PepsiCo across the globe after the US, while DIL operates leading brands such as KFC, Pizza Hut, and Costa Coffee in India, the report added.
His sister, 39-year-old Devyani Jaipuria, will head the group’s foray into healthcare, which includes the high-end premium chain Cocoon for maternity hospitals and stem cell banking, among other things. The group also encompasses partnerships with eminent institutions like Delhi Public Schools in Gurgaon and Jaipur and many other educational institutions, as per the report.
The founder, on his part, will continue as the chairman of RJ Corp, now focusing on large growth, policies, and strategic expansion. “This framework is designed to ensure continuity and stability of the company while infusing fresh perspectives into new leadership,” explained the 70-year-old Jaipuria, reiterating that this plan would help his children focus on the larger strategic initiatives and the corporation’s long-term vision.
“Central to our strategy is the role played by our professional team managing the daily operational aspects,” Jaipuria said. “In fact, the role of professional management, combined with strategic leadership, preeminently drives the company ahead to ensure that it remains on course for agility and innovation central to operations at RJ Corp,” as quoted by ET.
This move follows Varun Jaipuria assuming larger operational responsibilities at VBL post-retirement of then-CEO Kapil Agarwal in 2022. Devyani International is under the leadership umbrella and runs India’s largest franchise business for Yum Brands of Kentucky and several other significant food service brands.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 23 Apr 2024, 10:23 AM IST