Poonawalla Fincorp, a financial institution, recently underwent a significant change in leadership. This transition follows the retirement of Abhay Bhutada from his role as Managing Director and Chief Executive Officer. However, Bhutada will maintain involvement with the company in a non-executive director capacity.
Introduction of Arvind Kapil
Taking over the helm is Arvind Kapil, a seasoned professional with an extensive background in banking. His appointment as MD & CEO was officially announced by Poonawalla Fincorp through a regulatory filing.
Professional Background
Prior to his appointment, Kapil held the position of Group Head at HDFC Bank, where he oversaw various aspects of mortgage banking, managing a substantial portfolio. His responsibilities encompassed Home Loans, Loan Against Property (LAP), and oversight of HDFC Sales Private Limited.
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Career Achievements
Kapil boasts over 25 years of industry experience, during which he spearheaded numerous innovations in digital banking solutions. Notable among these innovations are the industry-leading 10-second personal loan approval process and digital loan services against securities and mutual funds.
Educational Credentials
Kapil’s academic qualifications are impressive, with a diverse range of degrees from esteemed institutions. He holds an Advanced Management Programme from Harvard Business School, a Master’s in Management of Global Enterprises from IIM Bangalore, UCLA Anderson, and SDA Bocconi, a Masters in Management Studies from Bharati Vidyapeeth Institute of Management Studies and Research, and a Bachelor of Engineering (B.E.) from K.J. Somaiya College of Engineering, Mumbai.
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Transition Plan
The transition in leadership is set to take place on June 24, 2024, with Kapil assuming the role of MD & CEO for a five-year term, subject to shareholder approval.
