Credit rating company CARE Ratings recently announced the appointment of Ajay Mahajan as Managing Director and Chief Executive Officer of the company for five years w.e.f from April 15.
Mahajan’s appointment was announced by the Board of Directors in a meeting on 15 April. His appointment is based on the recommendation of the Nomination and Remuneration Committee of the Board.
The company through a regulatory filing said that the interim CEO of the company TN Arun Kumar, will revert to his previous position of Chief Ratings Officer and oversee the functions of rating operations.
Mahajan started his career with Bank of America in 1990 and went on to become the MD and Country Head of Global Markets Group. Thereafter, he was part of the management team at YES Bank in 2004, built UBS’ maiden branch in India in 2008, and then worked with IDFC, which converted from an infrastructure financing NBFC to a full-service commercial bank.
In February 2020, the credit rating agency informed the exchanges that due to personal reasons, its Chairman and Independent Director, SB Mainak, has tendered his resignation with effect from February 11.
On February 14, CARE Ratings said its board, as advised by SEBI, vide its letter dated 12th February, decided to institute an inquiry in the matter of interference by the agency’s officials, including the erstwhile Chairman and the erstwhile MD and CEO in the rating process in the last three years.
At the aforementioned meeting, the board considered the report of “the forensic audit” and decided to terminate the employment of Rajesh Mokashi as MD and CEO of CARE Ratings Ltd, with effect from the date he was placed on leave – July 16, 2019 – as per the company’s regulatory filing
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