Poonawalla Fincorp Ltd. said its board appointed Arvind Kapil, an executive with HDFC Bank, as managing director and chief executive officer of the company, effective 24 June.

The appointment of Kapil, who serves as HDFC Bank’s group head overseeing the mortgage banking business, is for five years, the Cyrus Poonawalla Group-promoted non-banking finance company said in a stock exchange announcement.

Within his role at HDFC Bank, he is responsible for managing the entire home loans portfolio, loan against property, and HDFC Sales Private Ltd., it added.

Kapil, who has over 25 years’ experience, has completed Advanced Management Program from Harvard Business School, according to the statement.

The appointment will be subject to approval of shareholders of the company.

Poonawalla Fincorp also announced the early retirement of Managing Director Abhay Bhutada, effective from the close of business hours on 23 June.

He, however, will continue as non-executive director on the board of the company, it said.

The company noted that Bhutada, a chartered accountant, has been elevated to group level and will be taking up strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment and finance.

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