Chennai, Mar 17 The Board of Cholamandalam Investment and Finance Company Ltd, a Murugappa Group company, has given its approval to elevate N Srinivasan, Group Director, Finance, as Executive Vice-Chairman and Managing Director.
The appointment of Srinivasan will be effective August 19, 2017 for a period of two years in place of Vellayan Subbiah, a company statement said here.
Srinivasan was inducted in the Murugappa Group Corporate Board as Director-Finance in January 2007. He was later involved in the financial service business of Cholamandalam Investment and Finance Company Ltd and Chola MS General Insurance Company as 'Lead Director'.
During his tenure, both the companies CIFCL and Chola MS "grew significantly" and have become the large businesses of the Group, it said.
Meanwhile, the Board of Cholamandalam Investment and Finance Company also appointed Arun Alagappan as Executive Director with effect from August 19, 2017 for a period of five years, subject to necessary approvals, it added.