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.
Kavil Ramachandran is a Professor of Entrepreneurship (Practice) at the Indian School of Business (ISB). A founding faculty member, Professor Ramachandran established the Wadhwani Centre for Entrepreneurship Development at the Indian School of Business in 2001. He later served as the Associate Dean (Academic Programmes), before becoming the Thomas Schmidheiny Chair Professor of Family Business and Wealth Management, and subsequently the Executive Director of the Thomas Schmidheiny Centre for Family Enterprise at ISB until December 2021. He is currently the Senior Advisor, Thomas Schmidheiny Centre for Family Enterprise.
He specialises in family business, entrepreneurship, and strategy, with 36 years of combined academic experience at the Indian Institute of Management, Ahmedabad, and the Indian School of Business. Professor Ramachandran holds a PhD from Cranfield University, UK. His research focuses on family business, entrepreneurship, and strategy. He has authored and edited seven books and published extensively in reputed Indian and international journals.
His consulting experience includes areas such as family business governance, professionalisation, succession planning, strategic planning, identification of new opportunities for growth, corporate entrepreneurship and turnaround strategies in family and non-family business environments. His special expertise lies in managing the challenges at the interface of governance, professionalisation, and strategy, particularly in rapidly growing mid-size, multi-generational family businesses.
He has demonstrated special interest in mentoring young members of business families. He spearheaded the initiative in ISB offering a new MBA-level programme for the next generation of family business leaders (PGP MFAB) ,and was adjudged the “Faculty of the Year” by students in both 2018 2019, 2024. He was also adjudged the “Faculty of the Year” by students of Advanced Management Programme for Infrastructure (AMPI), 2024. In 2022, he was conferred with the Bharat Asmita Acharya Shreshtha Award (Best Indian Teacher in Management) by MIT World Peace University, Pune.
Recognising the contributions to institution building under the leadership of Ram in this area, ISB was rated as one of the best 25 business schools for family business in the world by Family Capital in 2015. He was mentioned as a “Star Professor” in that report. The Thinkers Leadership Magazine listed Ram as one of the top 100 management thinkers in India in 2014 and 2015, the only years it did such a listing. In 2022, Ram was listed amongst the top family business influencers in the world in the academics’ category by Family Capital. The combined effect of the multiple initiatives is the creation of a reassuring positive atmosphere in India towards family businesses in general and their sustainability across generations.
He has authored several case studies, worked with several well-known family business leaders and global experts, and consulted on transformation of family businesses. A frequent speaker at family business forums in India and abroad, he also contributes regularly to popular media. He has conducted numerous training programmes for family businesses on governance, professionalisation, strategic management, and entrepreneurship.
Professor Ramachandran has served on various advisory committees for the Government of India, the World Bank, and the Securities and Exchange Board of India (SEBI). His book, The 10 Commandments for Family Business, has been considered as one of the best books in this area. He has been a pioneer academic entrepreneur, propagating the message of strengthening family business in India and outside.
