Founder's term as Executive Chairman ceases; named Chairman Emeritus for five years; Non-Executive Director resigns

Mr. Jai Hiremath's term as Executive Chairman ceased w.e.f. October 01, 2026; conferred honorary "Chairman Emeritus" for five years (not a Director, officer, KMP or Committee member).

Thu 1 Oct 2026

Executive Chairman Cessation

Mr. Jai Hiremath's term as Executive Chairman ceased w.e.f. October 01, 2026

Chairman Emeritus Conferred

Honorary position of Chairman Emeritus conferred for five years from October 01, 2026

Non-Executive Director Resignation

Mrs. Sugandha Hiremath resigned as Non-Executive Director effective close of business September 30, 2026

Committee Resignations

Mrs. Sugandha Hiremath ceases from Audit, Stakeholders' Relationship and CSR Committees

New CEO Appointment

Mr. Anish Swadi appointed CEO-Animal Health and Specialty Ingredients (Senior Management) w.e.f. October 01, 2026

What was decided

• The Board, at its meeting on October 01, 2026, took note of the cessation of Mr. Jai Hiremath's term of office as Executive Chairman, effective October 01, 2026 (inclusive of the day). He is the founder and has led the company for nearly four decades.
• On the Nomination and Remuneration Committee's recommendation, the Board approved conferring the honorary position of Chairman Emeritus on him for a period of five years from October 01, 2026, to allow continued access to his counsel and mentorship on strategic and business matters. In this role he will not be a Director, officer, Key Managerial Personnel or member of any Board Committee.
• Mrs. Sugandha Hiremath resigned as Non-Executive Director with effect from the close of business hours of September 30, 2026, due to personal commitments, interest and other preoccupation. She confirmed there are no material reasons other than those stated. She has been a Director since 1992.
• She also ceases to be a member of the Audit Committee, Stakeholders' Relationship Committee and Corporate Social Responsibility Committee from the same date.
• Mr. Anish Swadi was appointed CEO-Animal Health and Specialty Ingredients, a Senior Management Position, with effect from October 01, 2026.

About the new appointee

• Mr. Anish Swadi has been with the company as Senior President - Business Transformation & Animal Health since October 01, 2021, and has worked on the Animal Health business and strategic transformation initiatives.
• He majored in international business and finance from Ithaca College, New York.

What it means for investors

This is a leadership transition at the top of a promoter-founded company. The founder moves from an executive role to an advisory, non-board honorary role, and a long-serving family director steps off the Board, including from the Audit, Stakeholders' Relationship and CSR Committees, which may require the company to reconstitute those committees. At the same time, an internal executive has been elevated to lead the Animal Health and Specialty Ingredients business. The resignation letter cites only personal reasons.

Other details

• The Board meeting commenced at 11:30 a.m. and concluded at 01:12 p.m.

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