The Board of Directors of lndoStar Capital Finance Ltd on Friday approved the resignation of R. Sridhar as CEO of the Company. They also approved the appointment of Deep Jaggi as the CEO of the Company with immediate effect.
The non-banking finance company, in a regulatory filing, said Sridhar will continue as Vice Chairman on the Board of Directors of the Company till the completion of his current five years’ tenure -- till 17 April 2022.
IndoStar said its Board of Directors recommended to Members of the Company the appointment of Jaggi as Whole-time Director designated as CEO, for five years, subject to amendment in the Articles of Association, effective from the date of receipt of Member’s approval.
Prior to joining IndoStaras Chief Business Officer in October 2020, Jaggi was associated with HDB Financial Services Ltd(a wholly-owned subsidiary of HDFC Bank), where he headed the Asset Finance Segment for ten years and was responsible for the profit & loss of Commercial Vehicles, Construction Equipment, Passenger Vehicles and the Tractor finance businesses.
Bobby Parikh, Chairman, IndoStar, said, “With this change, we are paving the way for a seamless leadership transition. We thank Sridhar for his contribution and believe IndoStar will benefit tremendously from Deep’s extensive retail lending experience.”