On May 31, Magma Fincorp Limited, a Mumbai-based non-banking finance company (NBFC) appointed Adar Poonawalla on board as the chairman of the company.
Also, the company announced a chain of changes in its leadership as the Poonawalla-controlled Rising Sun Holdings acquired a controlling stake through an equity infusion of Rs 3,456 crore early in the previous month.
Abhay Bhutadahas will get the position of managing director while Vijay Deshwal, a seasoned banker with experience of over two decades, will be CEO at Magma Fincorp from the first week of July. He will also take charge as the Group CEO of Poonawalla Group’s financial services business, the company said.
New Leadership at Magma Fincorp Limited, Mr. @adarpoonawalla takes charge as Chairman of the Company. Magma has also appointed Mr. Abhay Bhutada as the Managing Director.
Mr. Vijay Deshwal, a seasoned banker, will take charge as CEO at Magma Fincorp from the first week of July. pic.twitter.com/XueNCGFCB5— Magma Fincorp Ltd (@MagmaFincorpLtd) May 31, 2021
Deshwal, at present, is a business head at ICICI Bank and has contributed to the fast-growing services sector, including new age businesses. His responsibilities also include driving the liability strategy for the corporate ecosystem at the bank, the company said. “Having handled pan-India financial institutions including NBFCs for over six years, Mr Deshwal has a vast understanding of various asset classes and the cyclicality of these businesses. He had previously headed the debt syndication business for ICICI Bank for over five years,” the company mentioned in its release.
In the process of ramping up different managerial positions, the appointment of the senior management.
“The Company is going to augment the leadership team with the appointment of highly qualified and experienced professionals from reputed financial institutions for various senior management positions, set to join by Q2 FY22. As the second wave of Covid-19 is subsiding, the new management is expected to drive business acceleration. The rebranding of the Company as a Poonawalla Group firm is underway,” the release said.