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MUMBAI : The board of directors of L&T Finance Holdings Ltd (LTFH) on Monday, February 28,approved the appointment of S N Subrahmanyan as its director and chairperson.
Subrahmanyan takes over as the new Director from Shailesh Haribhakti who served as the Chairperson on the Board from June 1, 2017. Haribhakti will continue as a Board member of LTFH.
“This is in line with L&T’s overall commitment to strengthen its presence in the services area. Subrahmanyan is the chief executive and managing director of Larsen & Toubro and serves on the board of directors of the multi-billion-dollar conglomerate,” the statement said.
Under the guidance of Haribhakti, LTFH has established itself as a strong and well-capitalized financial institution, it said, adding that the inclusion of Subrahmanyan will provide leadership to the board as the company continues to deliver on its stated objective of retailization.
“LTFH is transitioning itself into a tech-enabled NBFC with retailization at its core. I am happy to be a part of this journey and look forward to meaningfully contribute in the coming years. An able leader like Subrahmanyan will add momentum to this growth story,” said Haribhakti.
Subrahmanyan said he is happy to be a part of the board of LTFH and looks forward to working with the leadership team as the company embarks on a new journey towards Vision 2026.
“Given the thrust being provided by L&T Group for the services businesses in its overall portfolio, growth of L&T Financial Services is an important component of the Group’s Lakshya 2026 Strategic Plans,” he said.
