Poonawalla Fincorp, a leading NBFC, has announced the appointment of Arvind Kapil as its new Managing Director and Chief Executive Officer, following the early retirement of its current MD and CEO, Abhay Bhutada.
In his new role, Arvind, who currently serves as the Country Head of Mortgages at HDFC Bank, brings over 26 years of experience. He has been associated with HDFC Bank since 1998 and has held key positions over the last two decades. He also worked with GE Countrywide Ltd in the capacity of a Manager at the beginning of his career. On the academic front, Kapil completed an Advanced Management Programme from Harvard Business School, an Advanced Master’s Programme in Management of Global Enterprises from IIM Bangalore, a master’s degree in Management Studies from Bharati Vidyapeeth Institute of Management Studies and Research, and a bachelor’s degree in engineering from KJ Somaiya College of Engineering, Vidyavihar.
Announcing his appointment in an exchange filing, the company stated, “The appointment of Mr. Arvind Kapil as an Additional Director in the capacity of Managing Director & Chief Executive Officer of the Company is effective for a period of five years from June 24, 2024, based on the recommendation of the Nomination and Remuneration Committee, subject to the approval of the Company’s Shareholders. Mr. Arvind Kapil is not debarred from holding the office of a director by virtue of any order passed by the Securities and Exchange Board of India or any other such authority.”
Welcoming Arvind to the leadership team, Adar Poonawalla, Chairman of Poonawalla Fincorp said, “As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organisation, we are pleased to announce that Mr. Arvind Kapil will be joining us as MD and CEO, to spearhead our transformation to the next level of growth. Mr. Kapil has been known in the industry as a paradigm pioneer for leading digital lending innovations and has been an integral part of HDFC Bank’s growth journey for over 25 years.”
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The company also announced the early retirement of the current MD and CEO, Abhay, adding, “The early retirement of Mr. Abhay Bhutada as Managing Director of the Company is effective from the close of business hour on June 23, 2024. Mr. Bhutada will continue as a Non-Executive Director on the Board of Poonawalla Fincorp Limited. Mr. Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company since its acquisition in May 2021. He has strengthened Poonawalla Fincorp with his excellent and extraordinary efforts in less than three years and has fast-forwarded the company to its current exceptional state of affairs. Given his leadership, execution skills, and business acumen, Abhay Bhutada has been elevated to the Group level and will be taking up a strategic & larger role at the Cyrus Poonawalla Group for managing its strategy, investment & finance.”
