Asian Paints Names Former JPMorgan Executive Leo Puri as Chairman

Asian Paints has appointed Leo Puri as an additional independent director and designated him chairman of the company’s board, effective January 23, 2027.

Puri’s appointment to the board will be for a five-year term, running from September 7, 2026, to September 6, 2031, subject to shareholder approval. The company plans to seek approval through a postal ballot.

He will succeed R. Seshasayee, whose term as an independent director ends on January 22, 2027. Seshasayee has served as chairman of Asian Paints since October 2023.

The appointment was approved unanimously by the board following a recommendation from its Nomination and Remuneration Committee.

A veteran of financial services and private equity

Puri brings a wide-ranging leadership background spanning financial services, consulting, asset management and private equity.

He currently serves as India Advisory Chair at Apax, a global private equity firm. He is also chairman and independent director of Fortis Healthcare, Lead Independent Director at Dr Reddy’s Laboratories, and an independent director at Spain-based travel technology company Amadeus IT Group.

Earlier, Puri served as Chairman for South and Southeast Asia at JPMorgan Chase. His career also includes roles as Managing Director and Chief Executive Officer of UTI Asset Management Company, Managing Director and General Partner at Warburg Pincus, and Senior Partner at McKinsey & Company.

His experience covers institutional investing, corporate strategy, financial markets and board governance.

Experience in governance and industry leadership

Puri is also a former chairman of the Association of Mutual Funds in India, reflecting his involvement in the development and governance of the country’s financial services industry.

He currently chairs the governing council of the Institute for Sustainability, Employment and Growth, a not-for-profit policy organisation.

His board experience across healthcare, pharmaceuticals and technology-driven businesses adds to his exposure to industries operating in complex and rapidly changing markets.

Leadership transition at Asian Paints

Puri’s appointment marks a planned transition in Asian Paints’ board leadership.

R. Seshasayee has led the board since October 2023, and his upcoming departure follows the completion of his term as an independent director.

As chairman-designate, Puri will be expected to provide board-level leadership at a time when Asian Paints is navigating a more competitive domestic market and changing industry dynamics.

Intensifying competition in the paints sector

The Indian paints industry has seen increased competitive activity, particularly in the decorative paints segment.

Large business groups, including the Aditya Birla Group and JSW Group, have stepped up investments in the sector, while other new players are also seeking to establish a stronger market presence.

For established companies, the changing competitive environment has increased the pressure to protect market share, sustain growth and manage margins.

Asian Paints, India’s largest paint manufacturer, is therefore entering this leadership transition amid a period of heightened industry activity.

A new board mandate amid market changes

Puri’s financial and corporate leadership experience could be particularly relevant as Asian Paints evaluates its strategic priorities in a more challenging operating environment.

His background in investment management, private equity, consulting and corporate governance provides exposure to capital allocation, business transformation, risk oversight and long-term value creation.

While the day-to-day management of the company remains with its executive leadership, the chairman’s role will be important in guiding board deliberations and supporting governance during the next phase of the company’s development.

Puri is set to formally take over as chairman in January 2027, subject to the completion of the required shareholder approval process.