Sundaram Finance Ltd. has named Rajiv Lochan as its next Managing Director, after the current incumbent T. T. Srinivasaraghavan retires on March 31. Mr. Lochan, who is director-strategy, will assume office on April 1.
The firm’s board, which met on Wednesday, named deputy MD Harsha Viji as executive vice-chairman.
Mr. Viji will oversee overall strategy and direction including at other group companies in financial services.
Mr. Srinivasaraghavan, who will retire after 38 years, the last 18 as MD, will remain on the board and provide mentorship, the NBFC said in a statement.
During his tenure, the NBFC’s balance sheet surpassed ₹30,000 crore, from less than ₹800 crore earlier.
“Under his leadership the company has demonstrated its traditional focus on asset quality, and most importantly, adherence to ‘Sundaram values’ of prudence and customer focus,” said Chairman S. Viji.
The board also declared an interim dividend of ₹12.
