Sundaram Finance makes key changes in management

Chennai, Jan 20 (PTI): Non-banking finance companySundaram Finance on Wednesday announced that it has made keychanges in its management.

The changes include the appointment of Rajiv Lochan asManaging Director succeeding T T Srinivasaraghavan witheffect from April 1, 2021, the company said.

T T Srinivasaraghavan, fondly called as 'TT' among closecircles, would retire after serving the organisation for over38 years as of March 31, 2021.

It was during his tenure the balance-sheet of the city-based company grew from Rs 800 crore to over Rs 30,000 croretoday.

Srinivasaraghavan, during the last two decades, also ledthe diversification of the group from focus on medium andheavy commercial vehicles to a multi-product diversifiedfinancial services provider, a company statement said.

Lochan, who is the current Director (strategy) of thecompany, has over 25 years of experience in financialservices and was a partner in the consulting firm McKinseyand Company.

Recently, he served Kasturi and Sons as its managingdirector.

He would be elevated to the role of Managing Director fromApril 1.

Commenting on the tenure of Srinivasaraghavan, SundaramFinance chairman S Viji said, ''Under his (Srinivasaraghavan)leadership, the company demonstrated its traditional focus onasset quality and most importantly its adherence to values ofprudence and customer focus.'' On his service to Sundaram Finance, Srinivasaraghavan said,''It has been a great privilege and honour to lead thisoutstanding group of people who make up Team Sundaram overall these years.'' ''Our enduring commitment to the Sundaram values willensure that Sundaram Finance scales greater heights under thenew leadership team,'' he said.

Post-retirement, Srinivasaraghavan would remain on thecompany's board of directors and play a mentorship role, thecompany said.

Meanwhile, the current deputy managing director HarshaViji would assume the role of executive vice-chairman andtake the responsibility of overall strategy and direction ofSundaram Finance and other group companies in financialservices.

A N Raju, Director (operations), would succeed Viji as thedeputy managing director.

On taking up the new responsibility, Rajiv Lochan said,''The strength of Sundaram Finance lies in its blend oftradition and service with cutting-edge management processesand technology.'' ''This gives us a strong platform to grow in the years tocome and I look forward to the challenge and responsibilityof leading Team Sundaram to greater heights,'' he said.

For the financial year 2020-21, the board has declared aninterim dividend of Rs 12 per share.

With 588 branches across the country, Sundaram Financemanages assets over Rs 30,000 crore and provides finance tocommercial vehicles, cars, construction equipment and offersinnovative solutions to its customers, including dieselfinance and working capital finance, among others.