Polaris announces new organisational structure

Appoints five CEOs for each distinct line of business across services and products

Polaris Financial Technology Ltd today announced a new organisational structure. The company has appointed five CEOs for each distinct line of business across services and products for greater customer focus and agility.

It may be noted that in January 2013, based on leadership deliberations and recommendations from Boston Consulting Group (BCG), the management team was authorised to explore options that would provide an impetus for the next stage of its growth and maximise shareholder value.

A task force was thereby set up with senior leaders in the company, led by Jaideep Billa and comprising Natarajan Narayanasamy (Nat), Anil Verma, and Rajesh Saxena. Based on which, the company is restructuring its businesses into separate Services and Products divisions. Both divisions will have independent management teams and strategies aligned to their respective customers needs, according to company's press release.

Govind Singhal will guide the enterprise-wide change process from the Office of the Chairman.

Arun Jain, Chairman & CEO, Polaris Financial Technology Limited said, “in the journey of an enterprise, reaching a stage where we have five capable, fully empowered CEOs, and a networked structure to support our growth plans, represents a tremendous opportunity to drive value for our customers, while unlocking enterprise value for Polaris”.

The expanded leadership team is tasked with stewarding the next chapter of Polaris’ growth, said Jain.

New leadership team

Jitin Goyal is the new CEO, Services. Goyal has 18 years of industry experience including 10 years with Infosys, and prior to that with Citibank in Foreign Exchange, Derivatives Trading, Risk and Operations.

Manish Maakan is the CEO for Global Transaction Banking. Maakan's career spans over 20 years, including as a Business Leader and Technology Strategist in global financial institutions, big 5 Consulting firms and Fortune 500 Majors, including a successful CIO stint with GE Money, India.

Jaideep Billa and Venkatesh Srinivasan are Joint CEOs, Core Banking & Treasury and Capital Markets. Pranav Pasricha is the CEO of Insurance Products.