The board of directors of ICRA Ltd has appointed N Sivaraman as the Managing Director and Group Chief Executive Officer of the credit rating agency for three years with effect from August 10.

The credit rating agency, in a regulatory filing, said: “the board of directors of ICRA Ltd in its meeting appointed N Sivaraman as additional director, as Managing Director & CEO of the Company and CEO of ICRA Group, designated as “Managing Director & Group CEO”, effective from August 10, subject to approval of the members of the company.”

As per the filing, Sivaraman’s tenure can be further renewed for an additional period of two years subject to mutual consent of both parties and approvals of the members of the company and/or other appropriate authorities, if required.

The corner office at ICRA has been vacant for nearly a year now.

As per ICRA’s August 29, 2019 regulatory filing, its board of director decided to terminate the employment of Naresh Takkar as Managing Director and Group CEO of ICRA, effective immediately.

Vipul Agarwal, who was appointed Interim COO on July 1, 2019, has been responsible for the day-to-day operation of the company so far.

During his 34-year career at L&T, Sivaraman held senior positions including as President & Wholetime Director of L&T Finance Holdings. In December 2018, he was appointed Chief Operating Officer at IL&FS. His assignment with IL&FS ends on July 31, 2020.

Sivaraman will drive ICRA Group’s business strategy and innovation, build organisational capabilities, nurture strong culture of analytical excellence, strengthen the independence and objectivity of ratings and enhance the company’s thought leadership, the company said in a statement.

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