DLF elevates Ashok Kumar Tyagi and Devinder Singh as CEOs
Recently, the board of directors elevated its whole-time directors Ashok Kumar Tyagi and Devinder Singh, as the CEOs of the company with immediate effect.
DLF chairman Rajiv Singh’s daughters Savitri Devi Singh and Anushka Singh have been appointed to the company’s board. DLF is the country’s largest listed real estate company with a market capitalization of INR 77,000 crore.
DLF’s net profit declined by over 30 percent to INR 913 crore against INR 1,317 crore in 2019-20. However, demand in the residential business witnessed a strong comeback. New sales bookings for 2020-21 stood at INR 3,084 crore, reflecting a 24 percent growth over in 2019-20.
The board of directors, states, “On the recommendation of the nomination and remuneration committee of the company has co-opted Savitri Devi Singh and Anushka Singh as additional directors of the company with immediate effect, subject to the approval of the shareholders.”
Both the daughters have been appointed as non-executive and non-independent directors.
Rajiv Singh took over as the chairman of DLF when his father and company’s founder Kushal Pal Singh retired in June 2020. Savitri Devi Singh and Anushka Singh have Bachelor of Science in Economics degrees from the Wharton School at the University of Pennsylvania, with a specialization in real estate and management.