Nykaa, the beauty e-commerce startup, has informed the stock exchanges that it has passed a special resolution to reappoint Pradeep Parameswaran and Seshashayee Sridhara as non-executive, independent directors for a second consecutive term of three years each, starting from July 15, 2024, and July 26, 2024, respectively.
Additionally, FSN E-Commerce Ventures Limited, the parent company of Nykaa, has passed a special resolution to appoint Santosh Desai as a non-executive independent director for a term of five years, commencing from July 15, 2024.
The exchange filing also disclosed that members can express their agreement or disagreement regarding the aforementioned resolution through e-voting from June 13, 2024, to July 12, 2024. The outcome of the vote will be announced on or before July 15, 2024.
Pradeep Parameswaran, currently serving as the global head of business development at Uber, assumed his position on Nykaa’s board on July 15, 2021. Additionally, he holds a seat on the board of Nykaa E-retail Limited, a subsidiary of FSN E-commerce Ventures Limited.
Continue Exploring: Beauty retailer Nykaa overhauls operations: Merges LBB with Nykaa Fashion in strategic restructuring
Seshashayee Sridhara joined Nykaa on July 26 and also serves as a director in Nykaa’s other subsidiaries – FSN Brand Marketing Private Limited and FSN International Limited.
Desai, as indicated by his LinkedIn profile, presently holds the positions of Managing Director and CEO at Futurebrands India. Additionally, he serves as a director in D.B Corp Limited, Bidada Foods Pvt Ltd, Think9 Consumer Technologies Pvt Ltd, among other companies.
This comes after Nykaa announced Desai’s appointment as an independent director nearly two weeks ago. Desai, who previously served as president at the advertising agency McCann, brings over two decades of experience in the advertising industry to his new role.
Continue Exploring: Nykaa board appoints Santosh Desai as Independent Director
At the time of the appointment, Nykaa founder and CEO Falguni Nayar remarked, “Santosh’s expertise in grasping the intricate dynamics between culture and brands has contributed to the establishment of numerous iconic brands… We trust that Santosh’s strategic counsel will guide our vision to enhance Nykaa’s brand value and strengthen our current portfolio of brands for sustainable global growth.”
Composition of Nykaa’s Board
The unicorn in e-commerce now has nine directors on its board following Desai’s appointment. The other independent directors on the board are Pradeep Prameshwaram, Anita Ramachandran, Seshashayee Sridhara, and Milind Sarwate.
The appointment and reappointment closely follow the startup’s report of a 1.2X increase in net profit year-on-year (YoY) to INR 9.07 Cr in Q4 FY24, although it experienced a 48% decline on a quarter-on-quarter (QoQ) basis. Operating revenue surged 28% YoY to INR 1,667.9 Cr but saw a 6% sequential decrease.
