The Board of Directors of Cholamandalam Investment and Finance Company Ltd. (CIFCL) has approved the appointment of Mr. N. Srinivasan (NS), Group Director Finance, Murugappa Group, as an Executive Vice Chairman and Managing Director of the company for a period of two years. His appointment will be effective August 19, 2017, after the conclusion of the current Managing Director, Mr. Vellayan Subbiah.
NS joined the Board of Chola during December 2006. He was inducted into the Murugappa Corporate Board as Director Finance of the Group in January 2007. The Corporate Board entrusted him with the additional responsibility of Lead Director for the Financial Services Business of the Group which included CIFCL and Chola MS General Insurance Company Ltd. (Chola MS). During his tenure both CIFCL and Chola MS grew significantly and have become large businesses of the Group. Between 2008 and 2010, he led the effort to successfully turnaround the operations of CIFCL. NS has been a member of the Audit Committee, Business Committee and Risk Management Committee of CIFCL.
The Board of CIFCL also appointed Mr. Arun Alagappan as an Executive Director of the company with effect from August 19 for a period of 5 years, subject to necessary approvals. Mr. Arun is a promoter and a member of the Murugappa family. A MBA from the Cardiff Business School, he started his career with GE Capital services India and after a three year stint, joined the Murugappa Group in 1999. Over the past 18 years, he served various units of the group, viz., Parryware, Tube Products of India, and lastly as the President of TI Cycles.
Mr. Arun was instrumental in forging the alliance with Roca and under his leadership, TI Cycles has grown into an Rs. 14.8 billion business, with leading indigenous brands like BSA, Hercules, Montra, Lady Bird and affiliation with international brands like Ridley, Bianchi, Cannondale. He is also on the Board of several companies including Lakshmi Machine Works Ltd.
For more details, visit: http://www.murugappa.com