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Chennai headquartered Non-Banking Finance Company Sundaram Finance has announced that Managing Director TT Srinivasaraghavan will retire on March 31, 2021 and Rajiv Lochan will become the next Managing Director from April 1.
Rajiv Lochan is now Director (Strategy) at Sundaram Finance and before this he was the Managing Director of Kasturi & Sons.
The Company’s Board met today to finalise the changes, a company statement said.
As part of the management rejig, 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 and other group companies in financial services space. AN Raju, Director (Operations), will become Deputy Managing Director of the Non-Banking Finance Company.
TT Srinivasaraghavan, Managing Director of Sundaram Finance, completes his term of office on March 31, 2021, and is retiring from service after 38 years with the company, the last 18 years as Managing Director.
Under Srinivasaraghavan’s tenure as Managing Director, the company has grown its balance sheet from under ₹800 crore to over ₹30,000 crore today. Over the last two decades, Srinivasaraghavan also led the diversification of the group from its traditional focus on medium and heavy commercial vehicles to a multi-product diversified financial services provider.
“Under Srinivasaraghavan’s leadership, the company has demonstrated its traditional focus on asset quality, and 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.
However, TT Srinivasaraghavan will remain on the board and play a mentorship role
On his long stint in Sundaram Finance, TT Srinivasaraghavan, who is known as TTS, 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,” he added.
“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,” said Rajiv Lochan.
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