New Delhi: In a surprise move, Reliance Capital’s long serving CEO Sam Ghosh will leave the company on 31 March, after spending nine years at the financial services arm of Anil Ambani-led business conglomerate.
Ghosh had joined the company in April 2008 as group chief executive officer of Reliance Capital, while he was elevated to the board in May 2015.
The company, which is present across insurance, mutual fund and a host of other financial services sectors, said in a regulatory filing that Ghosh will be completing his term of office on 31 March 2017, and the appointment of a new CEO will be announced in due course.
“During this entire period (of nine years), Ghosh has served Reliance Capital with great passion and commitment, and contributed towards building up a strong portfolio of businesses across asset management, life and general insurance, commercial and housing finance, broking and distribution among others,” the company said.
It also said that Reliance Capital is on track to complete its transition towards becoming a CIC (Core Investment Company) by end of 31 March, as per RBI guidelines.
All operating businesses will be housed in wholly or majority owned subsidiaries, each led by the respective CEOs of those businesses and their respective full-fledged independent organisations.
Ghosh, a Chartered Accountant from England, has been instrumental in several deals and alliances signed by Reliance Capital during his tenure. He played a key role in expansion of core businesses as also in divestment of non-core assets to beef up its resources.
Besides, he was said to be deeply involved in mentoring of Anil Ambani’s elder son Anmol, who joined Reliance Capital board last year after two years of training at the company.
Welcoming him on the board, Ghosh had said at that time, “Anmol has been a fast learner, active participant in all reviews and displayed sharp business acumen in various decision-making processes,”.
Before joining Reliance Capital, he was the Regional CEO of Middle East and India Sub Continent region of Allianz, a German insurance company.
He has also served as CEO of Bajaj Allianz’s India operations. Prior to that he was involved in setting up operations for Allianz in South East Asia. He spent ten years in Australia in various capacities with Allianz from CFO to managing subsidiary companies as well as operations in the Pacific Rim.
The company did not disclose any particular reason for his departure, while immediately it could not be ascertained where he is headed to.
“The Board of Directors of Reliance Capital and all its people thank Ghosh for his service, and wish him the very best in his future endeavours,” the company said.
(Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.)