Cholamandalam Investment MD Arun Alagappan quits, to step down on Feb 14

Will assume larger responsibilities within the Group, say Sources

Arun Alagappan has resigned as MD and director of Cholamandalam Investment & Finance Co, part of the Rs 38,000 crore Murugappa Group.

Alagappan will assume larger responsibilities within the Group, said Sources.

He tendered his resignation as Managing Director and as director of the  firm. He will be relieved from the  services of the Company on February 14, 2021, said Cholamandalam Investment & Finance.

 

Two months back, the group decided to dismantle its two-decade-old non-statutory Murugappa Corporate Advisory Board. Instead of the board, which was led by a family member and five outsiders, the group and individual companies will now be led by senior family members. 

The Board was formed in January 2000 as part of a ‘new millennium strategy’ and new corporate governance structure. Senior members earlier said that instead of the advisory (the Murugappa Corporate Advisory Board), they will be playing a direct role in the companies by mentoring youngsters and professionals in the companies.