Kumar Mangalam Birla is Century Textiles chairman after grandfather's death

After BK Birla’s death on July 3, Kumar Mangalam Birla becomes the new chairman of Century Textiles and Industries

Kumar Mangalam Birla is the new chairman of Century Textiles and Industries after the death of his grandfather Basant Kumar Birla on July 3.

Kumar Mangalam, 52, was elected chairman at a board meeting on Saturday. He joined the board of Century Textiles in 2006 and in 2015 became its vice-chairman.

"It is an honour for me to chair a company that was so ably led by my legendary grandfather. His exemplary standards of ethics and his values will serve as an inspiration to us as we carry forward his legacy," said Kumar Mangalam in a statement.

When Basant Kumar first spoke about the succession plan for his group in 2004, he had said that a person overseeing managing day-to-day affairs would inherit the company. The change of guard at different companies of B K Birla is as per the formula.

The board of Century Enka elected Rajashree Birla as chairperson. She was the vice chairperson before.

"I am indeed honoured and privileged to be named chairperson of a company that has been led by an iconic leader like Shri B K Birla. He has been a guide and a mentor for me and I look forward to carrying forth his legacy and help create value for all stakeholders," said Rajashree in a statement.

On Friday, Basant Kumar's daughter Manjushree Khaitan was re-designated as chairman of Kesoram Industries.

Khaitan relinquished her position as executive vice-chairperson and would continue on the board as a non-executive director. She had been on the board of Kesoram since 2001.

Basant Kumar's other daughter Jayashree Mohta is the vice-chairperson of Jay Shree Tea & Industries.