Shriram Group today announced the formation of a Board of Management to drive the long-term vision and strategy for the Group.
The Board of Management appointed by the Shriram Ownership Trust (SOT) constitutes 4 key personnel namely, DV Ravi, MD, Shriram Capital; R. Duruvasan, Whole-time Director, Shriram Capital; Umesh Revankar, Non-Executive Director, Shriram Capital, and VC & MD, Shriram Transport Finance Company; and Jasmit Singh Gujral, Non-executive Director, Shriram Capital & Executive VC for Shriram General Insurance Company.
With the new leadership in place, founder R. Thyagarajan will mentor the Board of Management.
Explaining the transition, R Thyagarajan, the patriarch of the group said, “The growth of Shriram Group should be attributed to the strong leadership team, which has evolved over a period of time. During the last few years, there have been apprehensions about the succession planning of the Shriram Group. Though I have indicated that succession has been transitioned to SOT(Shriram Ownership Trust) at various forums, there is an expectation of more insight on this transition.
"Internally, we have been clear that the promoters stake in the Shriram Group, will be owned by its current and future leaders who will be the best custodians of Shriram’s future growth."
The team will be designated as the Board of Management and would comprise of the following members: D.V. Ravi, Managing Trustee; R Duruvasan,Trustee; Umesh Revankar, Trustee, and J.S. Gujral Trustee. This Board of Management will constitute the succession plan in SOT, he said.
The Board of Management will be responsible for defining the long-term strategy of the individual entities and the group and overseeing its execution. The board will manage essential areas that impact the group across entities and are not necessarily aligned to one particular entity. They will collaborate amongst themselves in a manner that will derive the optimum benefit to the group.
"As we charter our next stage of growth, the Board of Management will strategically help all our operating entities to collaborate and strengthen our customer relationship model. In close collaboration with our partners in Shriram Capital – Sanlam, PEL, and TPG and the Board of Management of SOT will oversee the group's growth and strategy in the next phase," he added.
Commenting on the announcement, D V Ravi, MD, Shriram Capital, said, “I speak on behalf of all four of us, when I say we are excited to take up the responsibility of Board of Management at the Group. Our operating companies across lending and insurance businesses have grown in size and scale, and continue to have immense potential and capabilities. All of these are led by able management team and a professional board. Our role would be to extend strategic vision to them.”