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Mumbai - Philips India announced today that Mr. Murali Sivaraman will join the company on July 2, 2007 as CEO Designate, Indian Subcontinent, and will succeed Mr K. Ramachandran who is due to retire in early October this year. Mr Ramachandran joined Philips in 1993.
Mr. Sivaraman comes to Philips from ICI, UK. He will also be appointed to the Philips Electronics India Ltd. (PEIL) Board of Directors and take over from K. Ramachandran in October 2007 as Managing Director, subject to the approval of PEIL's shareholders.
Mr. Sivaraman is a cost and works accountant, a chartered accountant, and holds a post graduate degree in business management from the Indian Institute of Management, Ahmedabad. He completed the advanced management program from Harvard Business School in 2004.
He joined ICI in India in 1987, was in various assignments in accounting and finance before becoming Financial Controller for the ICI Paints business in India. He was appointed Managing Director of ICI Paints (Singapore) Pte Limited in 1996, and over the past ten years has held a number of senior management positions in ICI's global operations: General Manager, ICI Swire Paints (China); Managing Director, ICI Swire Paints, PRC and Hong Kong; and President, ICI Canada. He is currently Process Director for ICI's ERP Project, based in London, UK.
Mr. K. Ramachandran and Mr. Sivaraman will work closely together between July and September to ensure a smooth and seamless transition.
Mr. K. Ramachandran, the current Area Manager and CEO of the Indian Subcontinent, and Vice Chairman and Managing Director of Philips Electronics India Ltd. will retire in early October 2007, after over nine years at the helm. Mr. Ramachandran joined Philips in 1993 as Vice President, Human Resources and Corporate Operational Policy, and was elevated to the Board of Philips India in January 1995. He was appointed the Company's first Indian Managing Director and CEO in 1998, and Area Manager and CEO for the Indian Subcontinent (India, Pakistan, and the rest of SAARC) in August 2006.
During his five years as Human Resources Director, Mr. Ramachandran's contribution was in transforming the function to that of a business partner, and pioneering innovative people policies and practices. In his nine years as CEO, he and his team stewarded Philips through a very successful redesigning phase, consolidated the several legal entities into a single Philips legal entity, and in the last four years steered the Company into the profitable growth phase it is currently in. Mr. Ramachandran and his team have laid the foundation for building sustainable new business models relevant for emerging markets.
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