In a recent development, Prestige Estates Projects’ Chief Executive Officer (CEO), Venkata Narayana K, has tendered his resignation from the company, effective May 10. Venkata Narayana K, who assumed the CEO role in August 2017, after serving as the chief financial officer and company secretary, will continue as non-key managerial personnel (KMP) until August 10 to facilitate a seamless transition. The announcement precedes the company’s Q4 earnings release later this month.
Venkata Narayana K cited personal pursuits, including establishing a real estate fund, as the reason for his departure, as mentioned in his resignation letter.
The company refrained from divulging details regarding succession plans. However, it outlined its strategic roadmap by appointing various business heads for different verticals and geographies.
Amit Mor has been appointed as the Chief Financial Officer (CFO) of the company. Swaroop Anish assumes the role of Executive Director and CEO of the residential segment and business development. Juggy Marwaha has been appointed as the CEO of the office segment, while Muhammed Ali takes on the role of CEO of the retail segment. Suresh Singaravelu is designated as Executive Director and CEO of the hospitality segment.
Furthermore, key positions for various geographies have been filled: Tariq Ahmed is appointed as Executive Director and CEO of West India, while Nayeem Noor takes on the role of Executive Director of liaison. V Gopal and T Arvind Pai assume the positions of Executive Director of projects and planning, and Executive Director of legal, respectively.
The company highlighted the pivotal roles assumed by the next generation of the promoter’s family in shaping its trajectory. Faiz Rezwan, Executive Director, will oversee project construction and execution, with Zayd Noaman leading business development and corporate finance. Executive Directors Zaid Sadiq and Omer Bin Jung will mentor the hospitality team, while Uzma Irfan, Director of the company, will spearhead corporate communications, marketing, and branding strategies. Executive Director Sana Rezwan will focus on charting the growth trajectory for North India, particularly the NCR region.
Venkata Narayana K, in a recent interview with Business Standard, projected an ambitious growth strategy, aiming to double the market share from 4 to 10 per cent. He emphasized significant potential in both current and emerging markets within the residential sector.
Prestige Estates Projects Ltd., known as one of the top real estate developers in the nation, operates across various segments in major cities, positioning itself as a prominent player in the sector.