Harvard Business Publishing | March 2023
This case describes Harsh Mariwala's search for a capable leadership successor for family-owned FMCG firm, Marico. Established in 1990, Marico had a wide range of products in personal care category, ready-to-eat healthy foods, and edible oils. Harsh, who hailed from a business family, had professionalised and grown the business for the last twenty-five years. By the start of 2014, Harsh had decided to step down from the CEO position of the company and appoint a successor to take the business forward. Harsh had a son and a daughter, who aspired to make independent careers. Harsh was searching for a capable successor who was culturally aligned and practiced values espoused at Marico. His search for the successor ranged both within the family and outside. Among non-family professionals Harsh was open to either hire an expert professional from outside or appoint a long-time proven employee from within Marico. Harsh was considering who might be the best successor choice from the perspective of both the business and family. It was a major decision which not only had lasting implications for the business but also for the family. He had to also address the insecurities and anxieties of his immediate family about the changes this succession decision was likely to make. Harsh had to ensure that together with his successor he had to transform Marico into a long-lasting family business.
Sougata Ray is a Professor of Strategy and Entrepreneurship (Practice), Thomas Schmidheiny Chair Professor, and Executive Director of the Thomas Schmidheiny Centre for Family Enterprise, at the Indian School of Business (ISB). Earlier, he served at the Indian Institute of Management Calcutta for over two decades as a Professor of Strategic Management, a member of the Board of Governors, and Dean. He was also a senior-level executive at Infosys Technologies Limited for two years in a strategic role as Head of innovation Lab. He is an alumnus of Indian Institute of Management, Ahmedabad and the Indian Institute of Engineering, Science and Technology, Shibpur.
Professor Ray’s research interests have evolved over the years in understanding various facets of strategic management, entrepreneurship, innovation and the governance of firms and business groups in high-growth economies. Given the ubiquity of family firms in India and observing how family owners and leaders play a pivotal role in shaping the future of enterprises, he was gradually drawn into family business research. In recent years, under the aegis of the Thomas Schmidheiny Centre for Family Enterprise, he has been spearheading a mega programme towards developing a solid research-based understanding of family firms and business groups in India and South Asia. He has also been leading a research programme in the areas of social entrepreneurship, corporate sustainability strategy and practices, bottom-of-the-pyramid initiatives, and involvement of corporations in inclusive and sustainable development.
Professor Ray is one of the most prolific and cited home-grown strategy scholars in India. He has been publishing regularly in reputed scholarly journals and presenting in leading peer-reviewed international conferences. He has received over half a million dollars in research grants, several prestigious research and teaching awards, and numerous award nominations.
He blends over three decades of experiences in diverse roles – as an international-quality academic, research, and institution builder, alongside hands-on corporate managerial and governance roles as an executive, member of the Board of Directors, and co-founder of startups.. He has been an advisor to numerous medium and large corporations, family businesses, and startups, and he has served as Principal Consultant to leading international development agencies. He currently sits on the governing and advisory boards of several listed and unlisted companies, startups, and social enterprises.
Professor Ray has taught in numerous executive education programmes and has designed and conducted many workshops exclusively for owner-managers, entrepreneurs, and C-level executives of companies in India, Asia, Middle East, Nordic and Scandinavian countries. Over the years, he has led over thirty C- level executive delegations to countries on every continent for high-level meetings with the ministers, high-ranking officials, multilateral agencies such as the WTO and ILO, Chambers of Commerce, MNCs, industrial organisations, research labs, and academic institutions.
