Cholamandalam Investment and Finance Co. Ltd. (Chola), a Murugappa group firm, has named Vellayan Subbiah as the chairman in the place of M.M. Murugappan, who will step down on Wednesday upon reaching the retirement age.
On November 11, the board appointed Vellayan Subbiah as an additional director of the company.
Mr. Subbiah was the Managing Director of the company from August 19, 2010 to August 18, 2017. He is the MD of Tube Investments of India Ltd (TII) since August 2018. He is on the board of various companies, including Shanthi Gears Ltd.
Mr. Murugappan will step down as chairman and as a director of the company on the closing business hours of Wednesday as he turns 65 on Thursday. He wishes to pursue philanthropy and other interests as mentioned by him in his letter to the Board, the company said in a regulatory filing.
Incorporated in 1978, Chola is the financial services arm of the Murugappa Group. It commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers.