Mumbai: Dr Vijay Mallya resigned on Thursday as chairman and as a director of United Spirits, a Diageo group company, with immediate effect.
Mr Mahendra Kumar Sharma, existing independent director and chairman of the audit committee, has been appointed chairman with effect from February 25, 2016, the company secretary said in a filing with the stock exchanges.
Dr Mally, who was the spirit behind United Spirits and built it to have some of the most successful brands like McDowells, will leave with a golden parachute of $75 million over five years and he intends to move with family to the United Kingdom.
In a statement Mr Mallya said, “The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo Plc and United Spirits. Accordingly, I am resigning my position with immediate effect.”
About his future plans, the former liquor baron said: “Having recently turned 60, I have decided to spend more time in England, closer to my children.”
