Ola Electric appoints new CFO after Harish Abichandani steps down

BENGALURU: Ola Electric Mobility on Monday said it has appointed Deepak Rastogi as its chief financial officer, effective January 20, after incumbent CFO Harish Abichandani resigned from the role citing personal reasons, according to exchange filings.

In a disclosure to stock exchanges, the company said its board approved Rastogi’s appointment at a meeting held on January 19. Rastogi will also be designated as a key managerial personnel and part of the senior management team, Ola Electric said.

The board also noted the resignation of Abichandani as CFO with effect from the close of business on January 19, and placed on record its appreciation for his contribution during his tenure, the filing showed. Abichandani, in his resignation letter addressed to founder and chief executive Bhavish Aggarwal, said his decision was driven by personal reasons and requested to be relieved the same day.

Rastogi brings over three decades of experience across finance, strategy and governance roles in capital-intensive sectors including automotive, manufacturing, chemicals and real estate. A chartered accountant and MBA, he has previously held senior finance leadership positions at companies such as Puravankara Group, Deepak Fertilisers & Petrochemicals, Tata AutoComp Systems, The Timken Company, Alcatel, DuPont, Castrol and Raymond, according to the company’s disclosure.

Ola Electric said Rastogi has advised and led equity transactions worth about $1 billion, including IPOs and cross-border mergers and acquisitions, and has served on the boards of several listed companies. The company did not disclose the circumstances leading to the CFO transition beyond the reasons stated in the filings.

The appointment comes amid a period of leadership churn at the electric vehicle maker, which has seen several senior exits over recent years.