Kolkata: Atul Asthana has stepped down as the managing director and CEO of Goodricke Group Ltd after nearly forty years with the company. Asthana is also the chairman of the Indian Tea Association (ITA).

His letter dated February 21 mentioned that he was resigning from the post of managing director and chief executive officer with effect from the close of business hours on February 29, 2024. “This is entirely due to my personal reasons,” he wrote in the letter.

“Last three years have been extremely stressful and tiring to keep a step ahead of the fast deteriorating state of affairs in the industry, especially in 2023", he mentioned further. "Goodricke Group has looked after me very well for the last 39 years and I wish the Group all the very best for the future”.

The Group made profits up to 2022 but reported losses last year due to depressed price realization, the company has said. The West Bengal-headquartered Goodricke is a part of the UK’s Camellia Plc.

The board of Goodricke Group in a meeting held on the same day, accepted Asthana's resignation and expressed their gratitude for his long and distinguished service.

"Atul has been a pillar of strength for Goodricke Group, guiding us through both prosperous and challenging times. His leadership will be profoundly missed," said a statement released by the board. The search for a successor is currently underway, signaling a new chapter for the company.

The Board also stated in the letter that Goodricke's Soumen Mukherjee and Shiv Bhasin will be looking after the responsibilities of Asthana till the time a new MD joins.

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