NEW DELHI: Non-banking finance company Sundaram Finance on Wednesday announced that it has made key changes in its management. The changes include the appointment of Rajiv Lochan as Managing Director succeeding T T Srinivasaraghavan with effect from April 1, 2021. Srinivasaraghavan, fondly called as "TT" among close circles, would retire after serving the organisation for over 38 years as of March 31, 2021. He has been working as MD for the last 18 years.
Prior to being appointed as MD of Sundaram Finance, Lochan has worked as a partner in the consulting firm McKinsey & Company, and most recently, as Managing Director of Kasturi & Sons. The decision has been taken at its board meeting that took place on Wednesday. Apart from Rajiv Lochan’s appointment, Sundaram Finance Ltd’s board announced other appointments too.
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. Also, Director (Operations) AN Raju will assume the role of Deputy Managing Director of Sundaram Finance Ltd.
Meanwhile, Srinivasaraghavan will remain on the board and play a mentorship role, the company said in a regulatory filing. Under his tenure as managing director, the company has grown its balance sheet from Rs 800 crore to over Rs 30,000 crore.
“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.