Prithvi Raj Singh Oberoi has decided to relinquish his position as executive chairman and director of EIH Limited. The board of directors of the hospitality major on Wednesday announced the appointment of Arjun Singh Oberoi, currently managing director — development, as executive chairman of the company with immediate effect.
Nonagenarian PRS Oberoi decided to relinquish his position effective May 3 due to his deteriorating health. “The board of directors, at their meeting held on May 4, has taken note of the same. The board of directors further announced the appointment of Arjun Singh Oberoi as executive chairman of the company with effect from May 4, 2022 — he currently was managing director – development of the company,” EIH informed in a stock exchange filing. The company runs hotels and resorts under Oberoi and Trident brands.
Since 2002, PRS Oberoi, popularly known as “Biki”, was the executive chairman of EIH Limited, the flagship company of The Oberoi Group. He is the son of late Rai Bahadur MS Oberoi, the founder of The Oberoi Group. PRS is credited with placing Oberoi Hotels & Resorts on the international luxury travellers’ map with the opening of several iconic luxury hotels in India and overseas.
Notably, charting out a succession plan by approving a management restructuring, the company’s board had appointed Arjun Singh Oberoi, nephew of PRS, as managing director — Development, effective from April 1, 2015. At the same time, the board had appointed Vikramjit Singh Oberoi, son of PRS, as the company’s MD & CEO. Prior to that, both had been joint managing directors of the hospitality major.
“Arjun Singh Oberoi has been an executive director of the company for over two decades and has over 30 years of experience in the hotel industry. Arjun Singh Oberoi has a strong foundation in hotel operations dating back to the early part of his career,” the company said in its stock exchange filing on Wednesday.
EIH reported that it narrowed down its standalone losses to Rs 7.30 crore for the fourth quarter last fiscal, against Rs 68.12 crore a year ago. Revenue from operations stood at Rs 265.58 crore compared with Rs 187.89 crore.