Arun Alagappan, MD of Chola Investment and Finance, resigns

Chennai: Cholamandalam Investment and Finance Company has announced that its MD Arun Alagappan, has resigned inorder to assume a larger role in the Murugappa Group. His tenure with the company was to end effective February 14, 2021.
In a statement to exchanges, the non-banking finance company said Alagappan has tendered his resignation to the Board of (directors) as he wishes to move ahead to assume larger responsibilities within the group.The company’s Board said it has accordingly considered and accepted his resignation. He worked with another subsidiary of the Group, TI Cycles of India between 2006-2017, and stepped down as its chairman. After which, he joined the Cholamandalam Investment and Finance Company as an executive director in 2017, and took over as its managing director in 2019. Alagappan is an alumnus of University of Madras, Cardiff University and Harvard Business School and has served in the Murugappa Group for over a decade. The company has not announced who will replace Alagappan.