Marzin R Shroff has stepped down as the chief executive officer and managing director of Eureka Forbes Ltd, a household name in the vacuum cleaner and water purifier segments.
Shroff, who is credited to have built iconic brands like Aquaguard and Forbes, will move to a new role as senior adviser to both Eureka Forbes and private equity fund Advent International, which owns a controlling stake in the company.
“I have helped build a purpose-driven organization and lead the company through a transformative period of growth, which today is a market leader in each of its core categories. I am looking forward to continuing my work with Advent International and Eureka Forbes in the capacity of a senior adviser, where I aim to utilize my experience to navigate the current market in the new normal,” said Shroff.
Advent had picked up majority stake in the consumer durable company of the 150-year-old diversified conglomerate, Shapoorji Pallonji Group (SPG) in September 2021.
Shroff had a brief stint in Eureka Forbes as senior brand manager for two years during 1989-1991. He later joined the company in 2006 to lead the sales and marketing vertical. He was elevated to the rank of CEO in 2017.
During Shroff’s stint, Eureka Forbes has installed its products in over 20 million households across over 1,500 towns and cities in India. In addition to being one of Asia’s largest direct sales forces, the company claims that it has the most expansive service networks in the durable industry with an estimated coverage of over 99% pin codes in India. It has a global footprint in over 50 countries.
“Marzin helped reshape Eureka Forbes to a powerful omni-channel organization. Under his leadership, Eureka Forbes has nurtured a strong team and built iconic brands centred on innovation and customer service. We look forward to continue benefitting from Marzin’s wealth of experience in his new role as a senior adviser,” said Sahil Dalal, MD at Advent.
EFL marked Advent’s fifth buyout in the consumer sector. In India, it has made four consumer investments, including Crompton Greaves Consumer Electricals, (consumer electrical goods company); Dixcy Textiles, (men’s innerwear brand); Enamor, (women’s innerwear brand); and DFM Foods, (producer of packaged savoury snacks).
