Shriram Group announces succession plan - Board of Management to Oversee Promoters Interest

Chandigarh, November 30, 2021:  Shriram Group, the financial services behemoth that spans Retail lending, Truck Finance, Housing finance, Life Insurance, General Insurance and Wealth Management businesses,  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, Mr. DV Ravi, MD, Shriram Capital, Mr. R. Duruvasan, Whole-time Director, Shriram Capital, Mr. Umesh Revankar, Non-Executive Director, Shriram Capital & VC & MD, Shriram Transport Finance Company and Mr. 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. The group started its foray in a small way through the chit fund operations and has steadily expanded its activities across the financial services and insurance spectrum. The leadership team, comprising senior executives across the group's various entities has been instrumental in developing the enterprises to their current growth and profitability level.  
  
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 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 SOT was formed in 2006 with this objective. SOT is a private discretionary Trust, which will provide an opportunity for the current and future leadership of the group to be beneficiaries of the Trust. These beneficiaries will be responsible for the management of the Shriram Group. This set of individuals, with varied skills, will collaborate to drive the group's vision and strategy. The Board of SOT constantly evaluates the performance of its leadership team. It keeps inducting additional members into the Trust to ensure the perpetuity of ownership and leadership to manage the Shriram Group.”
  
“In my various interactions, I have reiterated that one individual cannot manage a large group like ours. It requires a set of individuals with varied skills who can collaborate to drive the group's vision and strategy.
  
In line with my conviction, a leadership  team that will oversee the SOT’s interest, as the promoter of the Shriram Group, has been constituted” he added.