CARE announced the appointment of Ajay Mahajan as MD & CEO of the company for 5 years.
Ajay was a banker, being part of Yes bank (as Group president), UBS (MD & country head), IDFC bank (Group president for wholesale banking) and Bank of America (Country treasurer). He is currently the founder and CEO of FICC Capital, which is a NBFC lending working capital loans to small and microenterprises.
In essence, he has expertise in lending (specially wholesale). Is it normal for a credit rating agency to have as CEO a person who is currently founder of a NBFC? Are there not inherent conflicts of interest? I looked at past CEOs of CRISIL, ICRA and CARE. The current CEO of CRISIL held various roles in a bank in her early career. Others were mostly company insiders who grew into the role of a CEO.
I maybe completely wrong here, insights from industry veterans will be very useful.
Rajesh Mokashi (past CEO of Care) - most professional career with CARE (since 1993)
Naresh Takkar (past CEO of ICRA) - most professional career wtih ICRA (since 1991)
Ashu Suyash (current CEO of crisil) - CEO of L&T investment managers, fidelity. Previously, she held various roles at CITIBank.