India's top credit rating agency CRISIL Ltd, majority owned by S&P, said that its managing director (MD) and chief executive officer (CEO) Roopa Kudva has decided to step down from her position at the company.
Roopa, who has been MD and CEO for seven years, will leave the company after the rating agency identifies and appoints her successor.
“Change at the top at judicious intervals, is a sound governance practice and allows companies to refresh themselves. Importantly, we have built a strong platform for the future and I believe that the best years for CRISIL lie ahead,” Roopa said. She did not say what she intends to do after moving out of CRISIL.
“We respect Roopa’s decision and appreciate that she will continue to manage the affairs of CRISIL until a successor is appointed,” Douglas L Peterson, chairman, CRISIL, said.
Under Roopa's leadership, CRISIL’s market capitalisation has grown over four-fold and revenues have tripled, as per the information available on the company's website.
Roopa joined CRISIL in 1992 and prior to becoming CEO and MD of the company, Roopa was the head of CRISIL's ratings business for seven years. She has also been executive director of CRISIL Ltd since July 2005.
Roopa has been a member of several policy-level committees relating to the Indian financial system, including committees of SEBI and RBI. She has also been a member of the Executive Council of NASSCOM.
She holds a graduate degree in Statistics and a post-graduate diploma in Management from the Indian Institute of Management, Ahmedabad.
On Tuesday, shares of the company were trading at Rs 1,967.20 each at 11:20 AM, down 0.39 per cent on the BSE in a weak Mumbai market.
(Edited by Joby Puthuparampil Johnson)