Captain Nair, 91, will be succeeded by his eldest son Vivek Nair, who has been elevated by the company's board to be chairman and managing director.
Considering the invaluable contribution to the company, the board has honoured Capt C P Krishnan Nair by appointing him as the "Chairman Emeritus" of the company with effect from today, Hotel Leelaventure said in a filing to Bombay Stock Exchange.
"Vivek Nair, currently the vice-chairman and managing director of the company has been elevated to the position of chairman and managing director," it added.
The board has also approved the appointment of Capt Nair's younger son, Dinesh Nair, as co-chairman and joint managing director, the company said.
Hotel Leelaventure, currently, has six operating hotels and five hotels in the development.
The hospitality group also narrowed its net loss to Rs 96.91 crore in the quarter ended December from net loss of Rs 99.65 crore in the corresponding period previous year.
The net income during the third quarter of this fiscal year, however, went up by 14.94 per cent to Rs 182.83 crore from Rs 159.06 crore in the year-ago period.