The appointment is subject to regulatory and shareholder approvals. TS Kalyanaraman will continue to serve on the company's board of directors as managing director, the company said in a statement.
Vinod Rai served as India's Comptroller and Auditor General and chaired the United Nations Panel of External Auditors. Rai has served in a variety of capacities within the Indian government and state governments and has been instrumental in a wide variety of reforms in India, most notably as chairman of the Banks Board Bureau, a body established by the Indian government to reform public banking in the country.
“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,” Rai said.
“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,” he added.
TS Kalyanaraman said: “We are delighted to welcome 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.”
“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,” Kalyanaraman said.