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regular-article-logo Monday, 27 May 2024

Goodricke Group CEO Atul Asthana quits, cites personal reasons for ending 40-year relation

The company, which is part of the UK’s Camellia Plc, the world’s largest tea producer, said that the board is in the process of selecting a new managing director

Our Special Correspondent Calcutta Published 22.02.24, 10:14 AM
Atul Asthana

Atul Asthana Sourced by the Telegraph

Atul Asthana, managing director and CEO of Goodricke Group Ltd, is
stepping down from the leadership role of the company by the end of this month, severing his nearly 40-year relationship with the tea planter.

In a brief letter to the board, Asthana, who is also the chairman of the India Tea Association — the largest body of organised tea growers, cited personal reasons for the exit two years ahead of completion of term.

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The company, which is part of the UK’s Camellia Plc, the world’s largest tea producer, said that the board is in the process of selecting a new managing director.

Asthana’s sudden departure comes at a time when the Goodricke group, which has some of the best tea gardens in Darjeeling, is set to suffer a loss in more than a decade.

Speaking to The Telegraph later in the day, Asthana said the Goodricke team has done a commendable job in the last few months and the results would show next year, unless marred by extreme weather events.

He blamed the tumbling prices of Assam orthodox tea for the loss in this fiscal.

“I would like to take a break from the tea industry for a while and then decide what to do next,” Asthana said while commenting on his future plans.

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