Sundaram Finance makes key changes in management

CHENNAI: Non-banking finance company Sundaram Finance on Wednesday announced that it has made key changes in its management.
The changes include the appointment of Rajiv Lochan as Managing Director succeeding T T Srinivasaraghavan with effect from April 1, 2021, the company said.

T T Srinivasaraghavan, fondly called as 'TT' among close circles, would retire after serving the organisation for over 38 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 crore today.

Srinivasaraghavan, during the last two decades, also led the diversification of the group from focus on medium and heavy commercial vehicles to a multi-product diversified financial services provider, a company statement said.

Lochan, who is the current Director (strategy) of the company, has over 25 years of experience in financial services and was a partner in the consulting firm McKinsey and Company.

Recently, he served Kasturi and Sons as its managing director.

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

Commenting on the tenure of Srinivasaraghavan, Sundaram Finance chairman S Viji said, "Under his (Srinivasaraghavan) leadership, the company demonstrated its traditional focus on asset quality and most importantly its adherence to values of prudence and customer focus."

On his service to Sundaram Finance, 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," he said.

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

Meanwhile, the current deputy managing director Harsha Viji would assume the role of executive vice-chairman and take the responsibility of overall strategy and direction of Sundaram Finance and other group companies in financial services.

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

On taking up the new responsibility, Rajiv 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," he said.

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

With 588 branches across the country, Sundaram Finance manages assets over Rs 30,000 crore and provides finance to commercial vehicles, cars, construction equipment and offers innovative solutions to its customers, including diesel finance and working capital finance, among others.