Religare Enterprises appoints S. Lakshminarayanan as new executive chairman
Following S. Lakshminarayanan’s appointment, Religare Enterprises promoter, Malvinder Singh will relinquish his position as non-executive chairman and continue as a non-executive board member
Mumbai: Religare Enterprises Ltd’s board has named S. Lakshminarayanan as its new executive chairman, the company said in a statement on Tuesday.
Lakshminarayanan is currently chairman and independent director of Shriram Transport Finance Co. Ltd, the listed transport finance NBFC of Shriram group.
“The board of Religare strongly believes that the breadth of experience and understanding of Mr. Lakshminarayanan in the financial services industry, will position the company well for the next phase of its growth,” the company said in the statement.
Following the appointment of the new chairman, Religare’s promoter, Malvinder Singh will relinquish his position as Non-Executive Chairman and continue as a Non-Executive board member.
“Under his leadership we are confident that Religare will overcome its existing challenges and will be back on its growth path. We have always believed that a professional management should run a diversified and highly regulated business such as Religare. However, in July 2016, due to sliding business performance, we had to return back on the board. Since then we have been engaging closely with the members of the board and the management to understand and address the issues and took a series of corrective measures to stabilize the company. We now feel the time has once again come for us to hand over the reins to a new committed professional team to drive Religare’s future growth,” said Singh.
The board of Religare also announced to undertake various strategic initiatives.
The board said that it will look to raise primary capital in Religare Enterprises Ltd and its key subsidiaries, the statement said.
The board will also review various strategic options including partnerships with complementary businesses and to induct new management in key positions, including finance, administration and human resources.
The board of Religare Enterprises also announced the appointment Kishori Udeshi as an independent director on the board. Udeshi was the first woman to be appointed as deputy governor of the Reserve Bank of India.
On Tuesday, shares of Religare Enterprises closed at Rs42 on BSE, down by 5.42%, while the benchmark Sensex closed at 32,941.87 points, down by 0.28%.
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