Top level exodus at Birla Global

The Aditya Birla group's financial services firm, Birla Global, has seen some top level resignations.

While Ravi Bubna, head of Aditya Birla group financial services firm, Birla Global Finance Company, put in his papers after working in the group for over a decade, his deputy, Sanjeev Bhargava, senior vice president looking after retail finance, has also resigned.

Early this week, S K Mitra, director of Birla Global Finance, who was three years away from retirement, decided to take premature retirement.

All the exits came within days of former head of Prudential Corporation Asia, Ajay Srinivasan, joining as the CEO of financial services and director of corporate strategy for the group.

When contacted, Aditya Birla Group HR Director, Santrupt Misra, said the resignations have nothing to do with Srinivasan's entry into the group. Misra said Bubna had announced internally at least five months in advance that he would be leaving the group.

Sources said Bubna is joining Edelweiss-promoted non-banking finance company, ECL Finance as co-head.

As co-head of ECL Finance, Bubna will help set up the NBFC business of Edelweiss which is targeting to become a leading player in the financial services sector.

The departure of key finance people came in the backdrop of Aditya Birla group planning to enter the financial services sector in a big way and is now looking aggressively build on its current platform to become a leading player in this sector.

As CEO, Srinivasan is expected to set the strategic direction and vision and provide operational leadership for the group's financial services business. He will sit on the boards of Aditya Birla Management Corporation Ltd., and all the financial services businesses.