The appointment will be subject to obtaining requisite regulatory and shareholders’ approvals. TS Kalyanaraman will continue as managing director on the company’s board.
Vinod Rai was the Former Comptroller and Auditor General of India and the former Chair of the United Nations Panel of External Auditors. Rai has held various positions within the Indian government as well as in state governments and has been instrumental in a wide variety of reforms in India, including as chairman of the Banks Board Bureau, a body set up by the Indian government to reform public banking in India.
Rai said: “It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance. Kalyan Jewellers has a well-recognized brand, pan-India footprint and a strong management team at the helm of the business. The Kalyanaraman family, with its deep commitment to customer transparency and enlightenment, has been at the forefront of transforming the jewellery retailing sector in India. I eagerly look forward to my association with Kalyan.”
TS Kalyanaraman said: “We are delighted to welcome Mr. Vinod Rai to Kalyan Jewellers as an Independent chairman of our board. Kalyan Jewellers has always been committed to trust, transparency and upholding the highest standards of corporate governance, and this event is a natural step in the evolution of our company along that journey. Mr. Rai brings a tremendous breadth and depth of experience and we are looking forward to him adding further to the diverse experience we already have on our board today”.