The board of ICRA Ratings on Tuesday announced the appointment of N Sivaraman, formerly with L&T Finance Holdings & IL&FS as its MD & Group CEO. <\/p>\n
He will replace Naresh Takkar, former MD & Group CEO whose service was terminated in August 2019 following unearthing of the IL&FS scam where in the role of some rating agencies including ICRA came under questioning. <\/p>\n
Mr. Sivaraman will drive ICRA Group\u2019s business strategy and innovation, build organizational capabilities, nurture ICRA\u2019s strong culture of analytical excellence, strengthen the independence and objectivity of ICRA\u2019s ratings and enhance the company\u2019s thought leadership, ICRA said in a statement.<\/p>\n
Arun Duggal, non-executive chairman and an independent director, ICRA said, \u201cWe are confident that he [Mr Sivaraman] will bolster ICRA\u2019s position in providing independent, objective and best-in-class ratings and data and analytical solutions to the market,\u201d he added.<\/p>\n
Mr Sivaraman in a statement said he would <\/p>\n
work \u201cclosely with all stakeholders to augment ICRA\u2019s capabilities and enhance its core strength of analytical excellence in providing credit views and data and analytical solutions to chart the next phase of growth of this remarkable organization.\u201d<\/p>\n
Mr. Sivaraman will join ICRA on August 10, 2020. <\/p>\n
During his 34-year career at L&T, he held senior positions including as President & Wholetime Director of L&T Finance Holdings.<\/p>\n
In December 2018, he was appointed Chief Operating Officer at IL&FS with responsibilities for asset monetization and creditor engagement and loan restructuring by the government-constituted Board to help turn the company around. <\/p>\n<\/div>\n