P&G's L.V. Vaidyanathan joins Modenik as executive chairman

L.V. Vaidyanathan, an alumnus of IIM Ahmedabad, began his career with P&G. He has served as CEO & MD for P&G in Indonesia and subsequently in India.

By  Storyboard18May 29, 2024 8:50 AM
P&G's L.V. Vaidyanathan joins Modenik as executive chairman
L.V. Vaidyanathan was the former CEO & MD of P&G India.

Advent International-backed essential wear company Modenik Lifestyle Pvt. Ltd., has appointed L.V. Vaidyanathan, former CEO and MD of P&G India, as Executive Chairman, starting in July 2024. The company also announced the retirement of Sunil Sethi from his role as Executive Chairman, effective July 31, 2024. Sethi will continue to serve on the Board of Directors.

During his tenure, Sethi successfully integrated Modenik as a unified company across Dixcy and Enamor, with a shared purpose, vision, and values, creating a unique strategic asset with a leading position in both men's and women's innerwear. Sethi also groomed Shekhar Tewari, who was promoted to CEO & Executive Director earlier this year.

L.V. Vaidyanathan, an alumnus of IIM Ahmedabad, began his career with P&G. With over 25 years of experience across multiple markets, including India, Vietnam, Thailand, Philippines, Indonesia and Singapore. He has served as CEO & MD for P&G in Indonesia and subsequently in India. He has led both these businesses to industry leading growth and value creation.

These leadership changes mark a new chapter for Modenik Lifestyle. The company said the board is confident that with these appointments, Modenik will continue to strengthen its market position and drive forward its strategic objectives.

Sahil Dalal, Managing Director at Advent India PE Advisors, added, “We are excited for the next phase of Modenik’s journey, and we believe L.V. Vaidyanathan’s vast expertise and forward-thinking approach will elevate Modenik to a market leading position."

Vaidynathan said, "Sunil Sethi’s outstanding contributions have established a robust foundation. I am eager to collaborate with Shekhar Tewari and Modenik’s talented team to drive growth and achieve new milestones.”

Shantanu Khosla, Board Member, Modenik Lifestyle said, “As LV transitions from his successful tenure at P&G to join Modenik, it reflects a broader trend of multinational CEOs moving to private equity-backed companies in India, drawn by the opportunity to drive rapid growth and create substantial value. His decision to join us underscores his confidence in our vision and commitment to advancing our growth trajectory. Additionally, the elevation of Shekhar Tewari to CEO further strengthens our management team, and I am excited to see the innovations and successes that this new leadership will bring."

First Published on May 28, 2024 2:01 PM

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