(MENAFN- Khaleej Times)
PNC Menon, the founder and chairman of Sobha Group, announced on Monday that he would retire from his active role as chairman and hand over the reins of the iconic luxury developer to his son Ravi Menon, who is currently serving as co-chairman of the group.
The significant transition of leadership at the $5 billion prime property developer, known for its signature residential offerings in Dubai, Muscat and India, will be effective from November 18, 2024, a day after the visionary entrepreneur turns 76.
PNC, as the chairman of the developer is popularly known, will continue as the founder of the group and head the group's new subsidiaries and ventures.
The elevation of Ravi Menon (junior), who has been serving the group in various capacities since 2004, comes at a critical juncture as Sobha group which is all set to expand its footprints across the US and Australia while looking to diversify its business activities aimed at doubling the turnover to $10 billion over the next five years.
PNC, a Forbes listed billionaire, began his journey with humble origins in India. His pursuit of excellence led him to Oman, where he earned the reputation as 'The Palace Maker.'
PNC's journey has been transformative, with his leadership and passion for excellence. As he passes the baton to the next generation, the Sobha founder will continue to play an influential role, offering his expertise to guide the group's subsidiaries and ensure ongoing growth and stability.
"Throughout my tenure as chairman, I have been inspired by our exceptional team's dedication and creativity, which has propelled the company to new heights. I remain committed to supporting Sobha Realty's ambitions and am confident that under Ravi Menon and Francis Alfred's leadership, the company will enter a new era of progress and innovation," PNC, reflecting on this transition, told a press briefing on Monday.
For over two decades, Ravi, a civil engineering graduate from Purdue University, USA, has played a pivotal role in Sobha Group's success. He has advanced the company's strategic vision and fostered a culture of innovation. His promotion to vice chairman in January 2006, followed by his appointment as chairman of Sobha Limited in India and later as co-chairman of Sobha Group in Dubai, stands as a testament to his visionary leadership and operational excellence.
"I am deeply honored to take on the role of Chairman of Sobha Group. Under PNC Menon's remarkable leadership, Sobha Realty has become a leading luxury real estate developer in the region, with promising expansion plans globally. I am committed to upholding this legacy and advancing it further to make it the most preferred brand for customers," Ravi said.
"As we embark on this exciting new chapter for Sobha Realty, I am honoured to work alongside Ravi Menon. His visionary leadership and deep commitment to excellence have been instrumental in shaping the company's success. Together, we aim to continue to build on the strong foundation laid by PNC Menon by driving innovation and delivering the highest standards of quality that our customers expect. I am confident that with Ravi Menon's guidance, Sobha Realty will reach even greater heights, further solidifying our position as a global leader in luxury real estate," Francis Alfred, managing director of Sobha Realty, said.
Starting this new chapter in Sobha Realty, Ravi will work hand in hand with Francis, to steer the company toward even greater achievements. Together, they represent a dynamic leadership duo that combines Ravi Menon's strategic vision and decisive leadership with Francis Alfred's operational excellence and deep expertise in real estate development, Sobha group said in a statement.
“With a strong leadership team in place, Sobha Realty is poised to continue its trajectory of success, leveraging next-generation technologies and innovative business practices to seize new opportunities and deliver unparalleled value to stakeholders and customers alike,” said the statement.
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