Sundaram Finance, a Chennai-based non-banking finance company, announced the appointment of Rajiv Lochan as new Managing Director. Rajiv succeeds its current managing director T T Srinivasaraghavan, who will retire on March 31, 2021.
Lochan, who holds the position of director of strategy, will assume the role of MD of the NBFC, effective April 1, 2021. Srinivasaraghavan will retire on completion of 38 years of service, which includes an 18-year tenure as its managing director. However, he would remain on the board and play a mentorship role, the company said.
Commenting on the development, 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.”
On Wednesday, the company at its board meeting announced changes to the management team effective April 1, 2021. Harsha Viji, deputy managing director, 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. A N Raju, director (operations), will assume the role of deputy managing director of Sundaram Finance Ltd.
Rajiv Lochan has 25 years of experience in financial services, – as a partner in the consulting firm McKinsey & Company, and most recently, as managing director of Kasturi & Sons.
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”
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