Mr FA Mehta will step down as chairman of Goodlass Nerolac Paints Ltd to make way for Dr JJ Irani. The change of guard is effective July 16. The company, in a notice to The Stock Exchange, Mumbai (BSE), has stated that Mr VC Vaidya, non-executive director, also will retire from the board. Mr Mehta is on the board of several companies and has of late relinquished directorship from quite a few boards. Dr JJ Irani brings vast experience in manufacturing industry and is known for his legendary leadership qualities which he demonstrated as managing director of Tata Steel.

Mr Irani's most noted achievement is the transformation of Tata Steel into one of the most modern steel plants and the lowest-cost steel producer in the world and keeping Tata Steel afloat when steel industry the worldover was sinking. Meanwhile, Goodlass Nerolac registered gross sales of Rs 196.36 crore in the first quarter of the current financial year, an increase of 17.2 per cent compared to Rs 167.48 crore in the corresponding quarter of the previous year. The net profit increased by 52.9 per cent to Rs 8.95 crore compared to Rs 5.85 crore in the previous year.

The company has posted a profit before tax of Rs 13.62 crore for the current quarter as against Rs 8.45 crore in the first quarter of the previous year, registering a 61.2 per cent increase. Goodlass Nerolac Paints has been in the business of paint manufacturing for more than 80 years with a wide spectrum of quality paints. It is the second largest paint company in India and leads the industrial segment. The company has five located manufacturing units all over India.