VIP Industries, a luggage manufacturer, has announced the appointment of Atul Jain for five years. He replaces Vice-Chairperson and Executive Director, Neetu Kashiramka, who resigned from the company’s board meeting on Tuesday but will continue with VIP until October 31, 2025 to ensure a smooth transition.
An alumnus of IIT-Delhi and IIM-Calcutta, Jain brings extensive leadership experience across consumer durables, FMCG, telecom and education sectors. He previously served as Senior Director at Samsung Electronics Global Headquarters in South Korea, where he spearheaded AI-led digitisation and business transformation for the company’s ₹15,000-crore consumer durables business. His career also includes senior roles at Aptech Ltd., Coca-Cola, Godfrey Phillips India and Bharti Airtel.
The appointment comes as the company has entered a new phase of governance and strategy with private equity major Multiples Group formally taking management control of the company. The transition follows the completion of a Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA) with Multiples Private Equity Fund IV and Multiples Private Equity Gift Fund IV, giving the investor group the right to nominate a majority of the company’s board.
VIP Industries has also appointed Renuka Ramnath, founder of Multiples and a veteran of over three decades in India’s financial sector, as Chairperson and Additional Director.
Other key appointments include Sridhar Sankararaman, Senior Partner at Multiples, and Shalini D. Piramal, who both join as Additional Directors, while prominent entrepreneur Rajendra Agarwal enters as an Additional Independent Director.
The change of guard also marks the conclusion of an era for the founding Piramal family. Dilip Piramal, who has resigned as Chairman and Non-Executive Non-Independent Director, was accorded the honorary title of Chairman Emeritus for life.
Further departures include Ashish Saha, who resigned as Executive Director but will continue as Senior Vice President – Manufacturing & New Projects, and veteran investor Ramesh Damani, who stepped down as Non-Executive Independent Director.
