Shriram Group Announces Succession Plan, Forms Board of Management
Inducts four senior members into the board
Shriram Group, the financial services group, has announced the formation of a board of management to drive the long-term vision and strategy for the group.
The board of management appointed by the Shriram Ownership Trust (SOT) includes DV Ravi, MD of Shriram Capital; R. Duruvasan, whole-time director of Shriram Capital; Umesh Revankar, non-executive director of Shriram Capital and VC and MD of Shriram Transport Finance and Jasmit Singh Gujral, non-executive director of Shriram Capital and executive VC for Shriram General Insurance.
With the new leadership in place, founder R. Thyagarajan will mentor the board of management.
“The growth of Shriram Group should be attributed to the strong leadership team, which has evolved over a period of time. The group started its foray in a small way through the chit fund operations and has steadily expanded its activities across the financial services and insurance spectrum. The leadership team, comprising senior executives across the group's various entities has been instrumental in developing the enterprises to their current growth and profitability level,” said R. Thyagarajan, founder of Shriram Group
“During the last few years, there have been apprehensions about the succession plan of Shriram Group. Though I have indicated that succession has been transitioned to SOT at various forums, there is an expectation of more insight on this transition,” he added.
The Board of Management will be responsible for defining the long-term strategy of the individual entities and the group and overseeing its execution. The board members will manage essential areas that impact the group across entities and are not necessarily aligned to one particular entity. This Board of Management would constitute the succession plan in SOT.
“In my various interactions, I have reiterated that one individual cannot manage a large group like ours. It requires a set of individuals with varied skills who can collaborate to drive the group's vision and strategy. In line with my conviction, a leadership team that will oversee the SOT’s interest, as the promoter of the Shriram Group, has been constituted,” Thyagarajan added.