Sundaram Finance on Wednesday announced that Rajiv Lochan, director of strategy, will assume the role of MD with effect from April 1. TT Srinivasaraghavan, the current MD, completes his term on March 31 and is retiring from service after 38 years with the company, the last 18 years being the MD.
Harsha Viji, deputy MD, will assume the office of executive vice chairman, and take responsibility for the overall strategy and direction of Sundaram Finance and other group companies in financial services.
AN Raju, director of operations, will assume the role of deputy MD while Srinivasaraghavan will remain on the board and play the role of a mentor.
Under Srinivasaraghavan’s tenure as MD, the company grew its balance sheet from under Rs 800 crore to over Rs 30,000 crore currently.
S Viji, chairman, Sundaram Finance, 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.”
Srinivasaraghavan said: “It has been a great privilege and honour to lead this outstanding group of people who make up Team Sundaram over all these years. Our enduring commitment to the Sundaram Values will ensure that Sundaram Finance scales greater heights under the new leadership team”.
Rajiv Lochan said, “The strength of Sundaram Finance lies in its blend of tradition and service with cutting-edge management processes and technology. This gives us a strong platform to grow in the years to come, and I look forward to the challenge and responsibility of leading ‘Team Sundaram’ to greater heights.”