Manappuram Fin takes first steps in succession planning

Manappuram Finance has identified Sumitha Jayasankar, daughter of managing director and chief executive officer V.P. Nandakumar, as a potential successor.

As a first step towards succession planning, Jayasankar has been inducted as an executive director on the board.

On 5 December, Mint reported that the gold loan company plans to release a succession plan in the third quarter, following insistence from the Reserve Bank of India (RBI).

Nandakumar, who turns 70 next year, had told Mint that he is considering promoting internal candidates as the next CEO.

A gynaecologist by profession, Jayasankar is being groomed to take over the reins from Kumar.

In an earnings call with analysts on 3 February, he clarified. that the final call would, however, be taken by the board.