Prestige Estates’ CEO Venkata Narayana K resigns, firm outlines roadmap

Prestige Estates Projects’ Chief Executive Officer (CEO) Venkata Narayana K has resigned from the company effective May 10. However, he will continue as non-key managerial personnel (KMP) till August 10 to enable smooth transition. The announcement comes ahead of the company’s Q4 earnings scheduled to be announced later this month.

Venkata Narayana K became CEO of Prestige Estates in August 2017, following his tenure as chief financial officer and company secretary. The company did not disclose details on succession.

In this resignation letter, Narayana K said, “After thoughtful consideration, I have decided to pursue other interests, including establishing a real estate fund.”

Furthermore, the company has outlined its roadmap by appointing various business heads for each vertical and geographies.

According to the company, Amit Mor is the CFO of the company; Swaroop Anish is executive director and CEO of residential segment and business development; Juggy Marwaha is CEO of office segment; Muhammed Ali becomes CEO of retail segment; and Suresh Singaravelu is executive director and CEO of hospitality segment.

Tariq Ahmed is executive director and CEO of West India; Nayeem Noor is executive director of liaison; V Gopal is executive director of projects and planning; and T Arvind Pai is executive director of legal.

The company said in a statement that the next generation of the promoter’s family assumes pivotal roles in shaping the company’s trajectory.

Faiz Rezwan, executive director, leads project construction and execution, while Zayd Noaman spearheads business development and corporate finance.

Executive Directors Zaid Sadiq and Omer Bin Jung will oversee and mentor the hospitality team. Uzma Irfan, director of the company, is responsible for corporate communications, marketing, and branding strategies. Executive Director Sana Rezwan will focus on charting the growth trajectory for North India, particularly the NCR region.

In a recent interview with Business Standard, Venkata projected an ambitious growth strategy, aiming to double the market share from 4 to 10 per cent. He emphasised the ample opportunity for expansion within both current and emerging markets, citing the ongoing consolidation of supply as indicative of significant potential in the residential sector.

Prestige Group achieved its highest-ever annual sales at Rs 21,040 crore for FY24, marking a growth of 63 per cent YOY, in its operational results for the fourth quarter of FY24. The firm’s sales for the March quarter touched Rs 4,707 crore, up 21 per cent YOY. It also sold the highest number of units in FY24 totalling 10,068 units.

First Published: May 11 2024 | 1:55 PM IST