Arvind Kapil Takes Over as Poonawalla Fincorp CEO

Poonawalla Fincorp, a leading non-banking financial company (NBFC), has appointed Arvind Kapil as its new Managing Director and Chief Executive Officer. He will be replacing the current MD and CEO Abhay Bhutada, who is taking early retirement.

Kapil Brings Over 26 Years of Experience

In his new role, Arvind Kapil brings with him over 26 years of experience in the banking sector. He is currently serving as the Country Head of Mortgages at HDFC Bank, where he has been associated since 1998 and held various key positions.

Kapil has completed advanced management programs from Harvard Business School and IIM Bangalore, along with post-graduate degrees in management and engineering.

Five-Year Term Starting June 2024

Kapil’s appointment as an Additional Director in the capacity of MD & CEO is effective for a period of five years from June 24, 2024. This is based on the recommendation of the Nomination and Remuneration Committee and subject to shareholder approval.

Driving Transformation and Growth

Welcoming Kapil, Adar Poonawalla, Chairman of Poonawalla Fincorp, said he will spearhead the company’s transformation and drive it towards the “next level of growth.”

Poonawalla praised Kapil’s reputation for leading digital lending innovations and his integral role in HDFC Bank’s growth journey over 25 years.

Bhutada’s Transition to Group Role

The company also announced the early retirement of Abhay Bhutada as MD and CEO, effective from June 23, 2024. However, Bhutada will continue as a Non-Executive Director on the Poonawalla Fincorp board.

Bhutada has been credited with successfully transforming the company since its acquisition in 2021. He will now take up a strategic and larger role at the Cyrus Poonawalla Group, managing its strategy, investments, and finance.

With Kapil’s extensive experience and Bhutada’s continued involvement, Poonawalla Fincorp aims to further strengthen its position in the NBFC sector while driving innovation and growth.