The chief executive of Bidco Africa has called time on his reign at the consumer goods firm after two years at the helm.
Bidco Africa announced the retirement of CEO Thiagarajan Ramamurthy, who is popularly known as TRM in business circles, on July 16 by the board chair Vimal Shah.
“I would like to thank TRM for his valued leadership and significant contributions in the last two years as we announce his retirement from the Board of Directors of Bidco upon attaining the retirement age of 70,” Shah said in a statement.
The Bidco Executive Chair added: “We also accept his voluntary retirement as the group CEO of Bidco Africa.”
So far, it is not clear what TRM’s next move is although a report by Citizen Digital claims the former Nakumatt boss is poised for an appointment at one of the firms he worked for previously.
“Going forward, we shall continue with the process of reforming our organisation designs and structures to be world class in line with our strategy… ” said Shah.
Thiagarajan Ramamurthy (TRM); Your leadership & significant contribution in the last 2 years at BIDCO Africa has instilled value in the company. As we announce your retirement from the Board of Directors of BIDCO, at 70, we would like to say thank you for your remarkable service. pic.twitter.com/XsSNcTnnjc
— Bidco Africa (@BidcoGroup) July 16, 2019
TRM joined Bidco Africa on 2017 in a move that was set to see the consumer goods firm transition from a family run operation into a professionally-managed company. TRM, who took over from Shah, became the first non-family member CEO of the company that was founded by Bhimji Depar Shah in 1970.
In June of this year, the outgoing Bidco Africa CEO had stated that quality, rather than competition to produce a large number of products, was the future of the consumer goods industry.
“We are now in a quality management world which demands for excellence along the production and supply chains,” he wrote in an article that appears on Standard Digital.
Bidco, originally formed as a garment maker, has now evolved to become a firm that manufactures products in kitchen, bath, laundry and animal feeds has over 40 brands distributed across 17 African countries.