Marc Desaedeleer Steps Down from Suzlon Energy Board over Governance Concerns

Suzlon Energy Limited has informed the stock exchange that Marc Desaedeleer, Independent Director, has resigned from the directorship with effect from June 8, 2024.

In his resignation letter, Desaedeleer said, “Several situations occurred where the corporate governance standards applied by the company did not meet my expectations, including situations where communications lacked the level of openness and transparency I would have liked to see.”

Marc expressed satisfaction with the company’s operational and financial performance over the past eighteen months. However, he noted that the company’s corporate governance standards often fell short of his expectations. He discussed these issues with the Board and recently shared a note outlining his concerns.

Due to these governance issues, Marc decided to resign from his role as Independent Director and from all related committee memberships. He extended his best wishes to the Board, the company, its employees, and shareholders as he concluded his tenure with Suzlon.

Marc Desaedeleer retired in early July 2018 from TRG (The Rohatyn Group), where he was a partner and member of its Executive Committee. Before TRG, he served as Chief Investment Officer for Citigroup Venture Capital International (CVCI) Growth Funds I and II, which were focused on emerging markets. He also led CVCI’s business in CEEMEA and India from 2001 to 2005. Earlier, he was a senior manager at Citibank’s corporate banking business, covering over 20 countries in Central Europe and Russia. His other roles at Citigroup included Business Manager for Citibank’s Corporate and Investment Banking in France, managing various international businesses in the Investment Banking group, and overseeing Citibank’s strategy in Global Equities. Before joining Citigroup, he worked for international companies like Sulzer in Switzerland and Lisnave in Portugal. He holds an MBA from Carnegie Mellon University and a Master’s degree in science from the University of Louvain in Belgium.