Sridhar quits as vice-chairman IndoStar Capital; Deep Jaggi new CEO

Company offers no reason for resignation; Sridhar joined IndoStar in April 2017, had worked with Sriram Group since 1985.

In a surprise development, R Sridhar, executive vice chairman, IndoStar Capital Finance Ltd has decided to step down on completing a five-year term in April 2022. The company, however, did not give reasons for his resignation.

The company in a statement said Deep Jaggi will be the new chief executive officer and whole time director of IndoStar Capital, a retail finance company as a part of a succession plan. At present, Jaggi is Chief Business Officer (CBO) of IndoStar responsible for the overall retail business development and collections.

Sridhar, who joined IndoStar in April 2017, had worked with the Sriram Group since 1985. He succeeded Vimal Bhandari who had led the firm since 2011.

Sridhar has ably led the transformation of IndoStar from a corporate lender to a retail-focused financier and steered the organisation through a challenging period resulting from Covid-19, the company said.