Ashok Wadhwa has quit as the CEO of Ambit Corporate Finance, and Sanjay Sakhuja, Managing Director is to succeeded him. Sakhuja will take charge from Wadhwa, CEO of Ambit Group, effective April 1, 2009. The company's release said that Wadhawa will now be focusing his efforts on growing all Ambit's existing businesses and identifying newer opportunities. Nikhil Puri, who joined Ambit from Global Industries Group last month, is to take the position of Sakhuja as MD of Ambit Corporate.
Ambit has been expanding its presence in the capital markets segment where it recently hired Andrew Holland from DSP Merrill Lynch. Holland joined CEO of Institutional Equities and Equity Proprietary Trading for Ambit Capital Pvt Ltd. He has also got with him Merrill Lynch team, which included Vaibhav Sanghvi and Piyush Shah.
"Sakhuja has been with us for 5 years and has led our very successful Banking Financial Services and Insurance (BFSI) practice. He is a strategic thinker and has an analytical and collaborative approach, I am certain that under his leadership Ambit Corporate Finance will see further success," said Ashok Wadhwa, commenting on the transition.
Sakhuja is a 24 year veteran in the finance sector and has worked with Citibank, Indal, Arthur Andersen and Lazard. He has also led some big deals for Ambit such as recent HDFC-CBoP Merger and IDFC's Acquisition of Standard Chartered Mutual Fund. Sanjay will now go to Wharton for a course in Management.