Poonawalla Fincorp (formerly Magma Fincorp), has roped in Manish Kumar as group CHRO. Kumar, who comes with vast experience across the BFSI space, has earlier worked with big names including ICICI Bank, RBS and IDFC. He will be responsible for driving transformations and leading people management for the non-deposit taking non-banking finance company.
In his new role, Kumar will focus on “building the right culture to create a bedrock for growth” as part of the transformation exercise.”
The almost three-decade old company is trying to build a “new but highly experienced and talented management team, having onboarded the best of the industry talent with rich, varied, and diverse experience.” Not surprisingly, therefore, Kumar’s wasn’t the only senior appointment at Poonawalla. The Company has added to the strength of its leadership team further by appointing Rajendra Tathare, as chief credit officer. Tathare comes with over two and a half decades of experience in credit risk and policy formulation. He moves from Fullerton India, where he was head of credit underwriting and with whom he spent almost 15 years. In the past, he has also been associated with HDFC Bank where he was exposed to retail lending.
The third appointment has been that of Rashmi Prasad, as head- analytics. Backed by rich experience of over 16 years, Prasad was earlier heading analytics at Tata Capital and has also worked Bajaj Finance and L&T Finance.
Mitul Budhbhatti is the fourth person to join the Company to handle credit and risk Monitoring. He moves from CARE Ratings, where he worked for over 15 years managing the BFSI ratings
Poonawalla has also got a new chief strategy officer in Surya V, who brings over two decades of experience in the BFSI space and moves from ICICI Bank.
As business head, Indiresh Phaltankar will lead the Company’s foray into the loan against property (LAP) business. He was earlier associated with HSBC and Aditya Birla Finance.
CA Abhay Bhutada, managing director, Poonawalla Fincorp says that these additions to the leadership team “are in line with our philosophy of making it a professionally run company with a strong governance culture. We want to rebuild the organisation with a very solid footing and firmly believe that the right talent is an essential ingredient for the same.”