Embassy Office Parks REIT (Embassy REIT), India’s listed REIT and one of Asia’s largest office REITs, announced the appointment of Vikaash Khdloya, currently Deputy Chief Executive Officer and COO as Chief Executive Officer of the Manager to Embassy REIT.
Vikaash Khdloya is an industry veteran with nearly two decades of experience in finance and real estate. He has held his current position since Embassy REIT’s listing in April 2019, following seven years with Blackstone India as a real estate asset manager. He will assume the role of CEO on July 1, 2022 following a transition period working closely with current CEO, Michael Holland, who will be relocating back to Europe, the statement said.
Vikaash Khdloya said: “Demand for high quality office parks and technology sector expertise in India continues to grow, providing significant tailwinds for Embassy REIT. I am excited and honoured to lead the REIT through this next phase of growth after working with the management team and sponsors for more than a decade.”
Jitu Virwani, Chairman of the Manager to Embassy REIT, said: “On behalf of the Board, I would like to thank both Mike and Vikaash for their energy and commitment to the success of Embassy REIT over many years. The level of talent and expertise within Embassy REIT is a real source of strength for the business and a reason why we are recognised as leaders in the sector. Vikaash is an extremely effective business leader, a worthy successor to Mike and we are confident of a smooth transition. We would also like to convey our deep gratitude to Mike for making Embassy REIT one of the leaders in Asian real estate.”
Michael Holland said: “I have been fortunate to lead our talented and dedicated teams since 2014 as we’ve transitioned the portfolio from private to public. The business and our existing leadership team has established its depth and resilience, and this is underscored by our strong FY22 results announced today. The REIT and the Manager will be in good hands under the leadership of Vikaash and our highly capable and experienced senior management team.”
In line with corporate governance best practices, a transition plan had been put in place and Michael and Vikaash have been working closely for over the past 3 years with this in mind. The successor selection process was spearheaded by the Embassy REIT board. Two global HR advisory firms were engaged to report to the Nomination & Remuneration Sub-Committee comprising of two thirds Independent Directors and charged with succession planning. The Committee evaluated the recommendations and unanimously recommended Vikaash as the next CEO.
Dr Ranjan Pai, Independent Director and Chair of the Nomination & Remuneration Committee, said: “The Committee commissioned separate reports from two globally recognised leadership consulting practices to advise on skills and match competencies, and evaluate potential external candidates as part of the long-term succession planning process. Based on the inputs of these external consultants and the experience of all directors, there was unanimous agreement on the appointment of Vikaash Khdloya as CEO.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.