R Sridhar, managing director and chief executive officer, has quit from his full-time executive role in Shriram Capital Ltd, the holding company of the Shriram Group. He has been with the group for the last 28 years in various roles and predominantly as CEO in the group’s flagship NBFC, Shriram Transport Finance Company Ltd.
Sridhar would continue to work on various strategic projects of the group as a member of Shriram Ownership Trust.
Sridhar’s departure is linked to differences with other senior executives over the roadmap for group’s financial services business, according to media reports. The company spokesperson did not comment on the differences in the group.
R Thyagarajan, founder, Shriram Group, said, “As CEO of Shriram Transport Finance for 12 years from 2000 to 2012, Sridhar has contributed immensely and made the company achieve a leadership position amongst NBFCs in the country. He has ably led the company to many successes and we look forward to his continued association with the Shriram Group.”
In July this year, billionaire industrialist Ajay Piramal bought a 10 per cent stake in banking aspirant and TPG-backed Shriram Capital, for a consideration expected to be between Rs 650 crore and Rs 700 crore.
Reportedly, the entry of Piramal has changed many things that were once taken for granted in the group.
(Edited by Joby Puthuparampil Johnson)