Ashok Advani to Retire, Suneel to Head Blue Star

MUMBAI: Air conditioning firm Blue Star on Thursday announced the retirement of its chairman Ashok Advani.Vice chairman Suneel Advani will be elevated as chairman from December 1, 2016, the company added. Advani, who turns 75 on November 17, will retire after 47 years in the company.

The company on Thurs day also announced the induction of two promoter directors -Rajiv Lulla and Dinesh Vaswani as non-executive promoter directors in the board. Both are related to the Advani family.Lulla is a senior advisor at Voltaire Capital ( UK) and the founder of Voltaire Capital (India). Vaswani is the founder of Acuitas Capital Advisors. The promoter family will have a 40% representation on the board.

“After me, there will be a generational change,“ said Suneel Advani, in an interview to ET.