Poonawalla Fincorp on March 18 announced the appointment of HDFC Bank's Group Head Arvind Kapil as its new Managing Director & Chief Executive Officer for a period of five years effective from June 24, 2024. The shares jumped nearly 4% after the announcement and settled 3.7% higher.
Kapil serves as HDFC Bank’s Group Head and oversees the mortgage banking business with a book size of ₹7.5 lakh crore. He was appointed for the position after the current MD and CEO Abhay Bhutada decided to take an early retirement, the NBFC said.
“As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organization, we are pleased to share that Arvind Kapil would be joining us as MD and CEO, to spearhead this transformation to the next level of growth. Kapil manages a book of over 7 Lakh Crores INR at HDFC Bank and has successfully handled the largest merger in the industry. Kapil, an alumnus of Harvard Business School, Postgraduate in Management and Engineer, has been known in the industry as a paradigm pioneer for leading digital lending innovations and has been an integral part of the HDFC Bank’s growth journey for over 25 years,” Poonawalla Fincorp chairperson Adar Poonawalla said:
Adar Poonawalla further added Bhutada has been elevated to the Group level and will be taking up the strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment and finance. "He shall continue to be as Non-Executive Director on the Board of Poonawalla Fincorp Ltd,” he said.
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