Poonawalla Fincorp has officially announced significant changes in its leadership structure, marking a new era for the company. In a recent board meeting held on March 18, 2024, the company approved the appointment of Mr. Arvind Kapil as the new Managing Director and Chief Executive Officer (MD & CEO), effective from June 24, 2024. This decision was made following the recommendation of the Nomination and Remuneration Committee and is subject to shareholder approval.
Mr. Kapil, who brings a wealth of experience and an impeccable track record to the role, is set to lead Poonawalla Fincorp for a tenure of five years. It is noteworthy that Mr. Kapil is not restricted from holding the office of a director by any order from the Securities and Exchange Board of India (SEBI) or any similar authority, ensuring a smooth transition into his new role.
In a parallel announcement, the company also revealed the early retirement of Mr. Abhay Bhutada as the Managing Director, effective from the close of business hours on June 23, 2024. Mr. Bhutada, however, will not be departing from the company entirely, as he will continue to serve as a Non-Executive Director on the Board of Poonawalla Fincorp Limited.
During his tenure, Mr. Bhutada has been pivotal in transforming Poonawalla Fincorp since its acquisition in May 2021. Under his leadership, the company has seen exponential growth, achieving a CRISIL “AAA” Rating, superior profitability, and an expansion of its product portfolio, with the Assets Under Management (AUM) soaring to more than 21,000 Crores INR. The company credits Mr. Bhutada for his exceptional efforts and extraordinary contributions over the past three years, which have catapulted Poonawalla Fincorp to its current esteemed position in the finance sector.
Reflecting on his new role within the Cyrus Poonawalla Group, Mr. Bhutada expressed, “Given his leadership, execution skills, and business acumen, Abhay Bhutada has been elevated to Group level and will be taking up strategic & larger role at the Cyrus Poonawalla Group for managing its strategy, investment & finance.”
