Money & Banking

Ajay Mahajan appointed MD & CEO of CARE Ratings

Our Bureau Mumbai | Updated on April 15, 2020

CARE Ratings, on Wednesday, said Ajay Mahajan has been appointed as Managing Director and Chief Executive Officer of the company for five years from April 15. The board of directors of the credit rating agency, at its meeting on Wednesday, made the appointment, based on the recommendation of the Nomination and Remuneration Committee of the Board.

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 atYES 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.

Following the appointment of MD and CEO, the agency, in a regulatory filing, said TN Arun Kumar, the interim CEO of the company, will revert to his previous position of Chief Ratings Officer and oversee the functions of ratings operations.

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.

Published on April 15, 2020

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