Laxmi Organic Industries has announced a planned leadership transition, with Dr Rajan Venkatesh stepping down as Managing Director & Chief Executive Officer and Harshvardhan Goenka succeeding him effective November 14, 2026.

Leadership transition details

The Board of Directors approved the succession plan at its meeting held on September 8, 2026, based on the recommendation of the Nomination and Remuneration Committee. The transition is designed to ensure continuity in management.

Dr Rajan Venkatesh has tendered his resignation from the position of MD & CEO and as a Director to pursue professional opportunities outside the company. His resignation takes effect at the close of business hours on November 13, 2026. Consequently, he will cease to be a Key Managerial Personnel and a member of the Finance Committee and Risk Management Committee from the same date.

Harshvardhan Goenka, currently Executive Director, has been appointed and re-designated as the new MD & CEO. His appointment is for a period of five years, from November 14, 2026, to November 13, 2031, subject to shareholder approval and other statutory requirements. He will continue on the same remuneration package currently approved for him as Executive Director.

The key details of the transition are as follows:

Successor profile

Harshvardhan Goenka has been associated with Laxmi Organic Industries since 2011 and has served on its Board since November 2020. He holds a Bachelor's degree in Economics and Business Management from Babson College, USA, and is pursuing Executive Education at Harvard Business School.

He is related to Mr Ravi Goenka (Executive Chairman) as his son and to Mr Rajeev Goenka (Director) as his nephew. He is also a member of the Promoter Group.

Management comments

Ravi Goenka, Executive Chairman, stated that Dr Venkatesh’s legacy includes empowerment with accountability and a culture of safety. Regarding the new appointment, he expressed confidence that Goenka brings the strategic intent needed for the company’s next phase of growth.

Dr Rajan Venkatesh thanked the team and noted that the planned succession process provides continuity for stakeholders. Harshvardhan Goenka said he was honoured by the Board’s confidence and looked forward to creating sustainable value.

Laxmi Organic Industries has accepted the resignations of two senior executives, effective October 31, 2026. Dr. Keshav Ruthia, Chief Procurement Officer, and Mr. Salil Mukundan, Chief Technology Officer, will cease their duties on that date following notifications submitted in August 2026.

The company disclosed the changes in a filing with BSE Limited and National Stock Exchange Limited on August 18, 2026, citing Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dr. Ruthia tendered his resignation via letter dated August 3, 2026, stating he intends to pursue an opportunity outside the company aligned with his personal aspirations. Mr. Mukundan submitted his resignation via email on August 18, 2026, also citing personal aspirations for an external role.

Organizational Realignment

Laxmi Organic Industries indicated that the departures are part of an ongoing organizational realignment. The company plans to integrate the responsibilities of the outgoing executives into the existing leadership structure to strengthen ownership, accountability, and execution effectiveness.

Accordingly, the company does not currently envisage like-for-like replacements for these roles at the senior leadership level.

Resignation Details

In his resignation letter, Dr. Ruthia expressed gratitude for the trust and support received during his tenure and committed to ensuring a smooth transition of responsibilities. Mr. Mukundan noted in his communication that his decision was primarily driven by health considerations regarding the size of projects under evaluation in the current pipeline. He agreed to remain until October 31, 2026, to facilitate the transition of functions.