IDFC Limited on Wednesday announced that its board of directors has approved the appointment of Mahendra N Shah as the managing director (MD) of the company with effect from October 1, 2022.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of IDFC Limited at its meeting held today has inter alia considered and approved the appointment of Mahendra N Shah as Managing Director-Designate of the Company with immediate effect, IDFC Limited said in a regulatory filing to the stock exchanges.
The term of Sunil Kakar as Managing Director and CEO of the Company will end at the close of business hours on September 30, 2022.
Mahendra N Shah will be Managing Director with effect from October 1, 2022, till September 30, 2023 subject to the approval of the shareholders of the Company and other applicable statutory/ regulatory approvals, IDFC Limited said.
Shah is the Company Secretary & Compliance Officer of IDFC Limited since May 24, 2019. Previously, he was the Group Company Secretary and Group Chief Compliance Officer of IDFC FIRST Bank and has been the Group Head - Governance, Compliance & Secretarial and Senior Advisor -- Taxation at IDFC for more than a decade.
Prior to joining IDFC in 2001, Shah worked with International Paper Limited for a period of six years as director finance and company secretary where he was in charge of the finance function and regulatory compliances.
( With inputs from ANI )
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