TeamLease announces new Chairman and expanded Board of Directors

TeamLease Services Limited (TeamLease/Company (NSE: TEAMLEASE, BSE: 539658), today announced the appointment of Mr. Narayan Ramachandran as the new Chairman (NonExecutive) of the Company. Mr. Ramachandran is currently the Lead Independent Director and has been on the Board of the Company since 2015. Mr. Manish Sabharwal, the Executive Chairman of the Company has transitioned to the role of Executive Vice Chairman. The Company has also inducted Ms. Meenakshi Nevatia, Mr. Mekin Maheshwari and Mr. S. Subramaniam as new Independent Directors on the Board. Ms. Ramani Dathi has also been redesignated as the Chief Financial Officer of the company.

Commenting on his appointment as Chairman (Non-Executive), Mr. Narayan Ramachandran said "My association with the TeamLease Board began before the company's IPO and it is an honour to assume this new role. Corporate India has been reconfiguring its people supply chains for years, but this revolution has been accelerated by COVID. TeamLease has a central role to play in this transformation and has demonstrated a willingness to take the long view. I look forward to working with my colleagues to accelerate this strategy."

Commenting on the Board reconstitution, Mr. Manish Sabharwal, Executive Vice Chairman said "This year we complete 20 years as a company and five years of being listed. It feels like a good time to start preparing for the next 20 years. The expansion of addressable markets, sustained growth rates and prudent governance are key pillars of our execution, strategy and today's changes strengthen our abilities of Putting India to Work."

The addition of three new Independent Directors will take the size of the Board to nine members and the number of Independent Board members to seven; Ms. Meenakshi Nevatia, Mr. Mekin Maheshwari, and Mr. S. Subramaniam, have joined Mrs. Latika Pradhan, Mr. Narayan Ramachandran, Dr. V Raghunathan, and Mr. Zarir Batliwala. The Board currently has two executive directors: Mr. Ashok Reddy (Managing Director) and Mr. Manish Sabharwal (Executive Vice Chairman). This expansion of Board numbers and diversity of experience strengthens the Board's ability to guide the company's growth, strategy and investments. All appointments / transitions are with immediate effect.

On recommendation of the Nomination and Remuneration Committee, the Board of Directors of TeamLease has unanimously approved the above said appointments/transition. Transition of Mr. Ramachandran's role to Non-Executive Chairman of TeamLease and Mr. Sabharwal's role to Executive Vice Chairman of TeamLease is in alignment with Regulation 17 (1B) of SEBI Listing Obligations and Disclosure Requirements Regulations 2015 read with its Amendments effective from April 01, 2022.

Mr. Sabharwal shall continue as Executive Vice Chairman till his original term of appointment as approved by the shareholders of the company i.e., till March 31, 2022. Mr. Ramachandran shall continue as Non-Executive Chairman till the completion of the second term of his appointment as approved by the shareholders of the company i.e., till July 07, 2025.

Shares of TeamLease Services Ltd was last trading in BSE at Rs. 3722.1 as compared to the previous close of Rs. 3870.45. The total number of shares traded during the day was 1480 in over 611 trades.

The stock hit an intraday high of Rs. 4021.95 and intraday low of 3722.1. The net turnover during the day was Rs. 5768135.

Source : Equity Bulls

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