The 295 billion rupee Murugappa Group has announced top-level changes in couple of its leading outfits.
N. Srinivasan, Group Director (Finance), has been appointed as the Executive Vice-Chairman and Managing Director of Cholamandalam Investment and Finance Company Ltd (CIFCL). His appointment will take effect from August 19 when the current Managing Director Vellayan Subbiah completes his term in office.
Mr. Srinivasan’s appointment has already been approved by the board of CIFCL. He will have a two-year term. The board has also appointed Arun Alagappan as an Executive Director of the company for a five-year term. His appointment will take effect from August 19.
Simultaneously, the board of Tue Investments of India Ltd. has approved the appointment of Mr. Vellayan Subbiah as the Managing Director of the company. His five-year term will commence on August 19 when the present Managing Director L. Ramkumar completes his term. In November last year, the board of TIIL, it may be recalled, cleared the de-merger of the manufacturing business undertaking of the company into a wholly-owned subsidiary TI Financial Holdings Ltd.
