CARE Ratings Limited announced that the Board of Directors of the Company has at its meeting held on 15 April 2020, based on the recommendation of the Nomination and Remuneration Committee of the Board of Directors, appointed Mr. Ajay Mahajan as the Managing Director & Chief Executive Officer (KMP) for a period of 5 years commencing from April 15, 2020 up to April 14, 2025 (both days inclusive) subject to approval of members of the Company. Following this appointment, Mr. T.N. Arun Kumar, the Interim - CEO of the company would revert to his previous position of Chief Ratings Officer and would be overseeing the functions of Ratings operations. Ajay Mahajan is a widely experienced banker with 30 years of experience; worked in organizations like Bank of America where he started his career in 1990 and went on to becoming MD & Country Head of Global Markets Group.

In Bank of America, Ajay also led the initiative of building the first 100% foreign owned NBFC in the country to do primary dealership and credit fixed income.