R Sridhar named Shriram Capital CEO

Shriram Transport Finance Company (STFC) today said its Managing Director R Sridhar will be stepping down to take over as managing director and chief executive of the group holding company.

Sridhar, who has been with STFC since 1985 and has risen through the ranks to become the MD, will step down with effect from March 31 and join Shriram Capital (SCL), a statement said.

He has been serving as the managing director of STFC since 2000 and the company grew under his leadership to become the largest vehicle financing company in the country.

Sridhar will be taking over as the MD and CEO of SCL from April 1, for which he will have to relocate to Chennai.

 

SCL is the apex holding company for financial services entities in the Shriram Group, the statement said, adding Shriram Ownership Trust holds 85% stake in the entity, while the rest lies with private equity major Texas Pacific Group.

In his new job, Sridhar will be involved in group-level activities like strategic planning, capital markets relationships including banks, investment banks, private equity firms and rating agencies, it added.

"This move had been planned for several months to take advantage of the relationships Sridhar has built with the financial community, regulators, media and others on a broader platform of Shriram Capital," Shriram Capital Chairman Arun Duggal said.

Shriram will continue to serve on the STFC board as a group nominee, the statement said.