Sundaram Finance Ltd has made top level changes as the current managing director T.T. Srinivasaraghavan will be retiring on March 31, 2020.
The board of Sundaram Finance met on Wednesday and named Rajiv Lochan (director Strategy) as managing director with effect from April 1, while the current deputy managing director Harsha Viji, will assume the office of executive vice chairman, and take responsibility for the overall strategy and direction of Sundaram Finance Ltd., and other group companies in financial services.
A.N. Raju, director (Operations), will assume the role of deputy managing director. Mr. Srinivasaraghavan will remain on the board and play a mentorship role, the company said in a regulatory filing.
The non-banking finance company said that Mr. Srinivasaraghavan is retiring from service after 38 years with the company, of which the last 18 years as managing director. Under his tenure as managing director, the company has grown its balance sheet from under ₹800 crore to over ₹30,000 crore today.
Over the last two decades, Mr. Srinivasaraghavan also led the diversification of the group from its traditional focus on medium and heavy commercial vehicles to a multi-product diversified financial services provider, it said.
“Under his leadership the company has demonstrated its traditional focus on asset quality, and most importantly its adherence to “Sundaram Values” of prudence and customer focus. The company and its shareholders owe a debt of gratitude for his service,” said S. Viji, Chairman, Sundaram Finance.
The board, meanwhile, declared an interim dividend of ₹12 per share for the financial year 2020-21.