Bajaj Finance Limited at its board meeting held on 29 January 2024 have approved Resignation of Rakesh Bhatt, Executive Director. Rakesh Bhatt has decided to pursue new career pursuits outside the Company and has thus tendered his resignation from the services of the Company. Consequently, he has stepped down from the Board as a Director and Executive Director with effect from close of business hours on 31 January 2024.

Rakesh is an outstanding leader and helped the Company achieve significant milestones during his long 15 years tenure. He played a pivotal role in shaping the company's strategic direction, nurturing the Company's culture and driving innovation. His contributions have been invaluable and his presence will be deeply missed.

He will remain as an advisor to the Company. Re-designation of Anup Saha, Executive Director as Deputy Managing Director. Anup Saha, Executive Director has been re-designated as Deputy Managing Director of the Company with effect from 1 April 2024, subject to the approval of shareholders.

The remuneration and other terms and conditions of his appointment as approved by the shareholders of the Company through postal ballot dated 15 June 2023 remains unchanged. Anup is an outstanding leader and this advancement reflects his exceptional contributions and the company's confidence in his leadership abilities as the Company embarks on new challenges and opportunities. In his new role, he will continue to oversee all businesses of the Company.

He will have expanded responsibilities and be assisted by 3 new Chief Operating Officers. Anup will continue to report to Managing Director. Commercial lines of business (Loan against securities and Commercial lending), Risk, Compliance, Internal Audit and Chief Information Security Officer will continue to report to Managing Director.

While he will continue to oversee all businesses of the Company. He will also have expanded leadership responsibilities for Operations, Service, Public Relations, Debt Management, Technology, Marketing and Digital Platforms, Legal, Finance, FP&A, Treasury, Investor Relations, HR, Administration, and Corporate Strategy. Three Senior Management Personnel viz; Deepak Bagati, Sandeep Jain and Anurag Chottani have been elevated as Chief Operating Officers with effect from 1 April 2024.

The Chief Operating Officers will report to Anup Saha. Deepak Bagati is the company's President ­ Debt Management Services. He joined the Company on June 24, 2008.

He was responsible for managing and growing the SME business. He will continue to oversee Debt Management Services. He will have expanded leadership responsibility for Operations, Service and Public Relations.

Sandeep Jain is the Chief Financial Officer of Company. He joined Company on August 8, 2008, and was appointed as the Chief Financial Officer with effect from February 4, 2016. He holds a bachelor's degree in commerce from Nagpur University and is an associate member of the Institute of Chartered Accountants of India.

Prior to joining Company, he was associated with Bajaj Auto Limited as Assistant Manager (Internal Audit). He has an experience of 17 years in the area of finance. He will continue to oversee Finance, FP&A, Treasury and Investor Relations.

He will have expanded leadership responsibility for Human Resources, Administration and Legal. Anurag Chottani is Chief Technology Officer. He has been associated with Company since June 22, 2009.

He holds a bachelor's degree in commerce from Narsee Monjee College of Commerce and Economics, University of Mumbai. He has several years of experience in the field of software and service domain with exposure to a wide variety of management functions. He will continue to oversee Technology and Corporate Strategy.

He will have expanded leadership responsibility for Marketing and Digital Platforms. Shri Prashant Verma, Senior Head- IT has been designated as Chief Information security Officer (CISO) for a period of three years from 1 February 2024, forming part of Senior Management personnel of the Company. He will report to Managing Director. Prashant Verma has around 18 years of full-time experience on Security Domain.

He joined as head of Cyber Risk Unit 4 years back and is now heading Information Security. In his previous job, he has architected security services and has worked as security auditor and consultant for various domestic and international banks and insurance companies. He is CISSP and is co-author of couple of security books.