Seshasayee replaces ICICI Bank veteran KV Kamath who is the first head of BRICS-led New Development Bank. Kamath has stepped down as an independent director of Infosys.
A chartered accountant by education, Seshasayee started his career with Hindustan Lever in 1971. After a five-year stint at the FMCG giant, now renamed Hindustan Unilever Ltd, he joined Ashok Leyland in 1976 and rose to become executive director (finance) in 1983 and was elevated as deputy managing director in 1993 and managing director in 1998. He became executive vice chairman of Ashok Leylan in 2011 and is presently non-executive vice chairman of the company.
During his tenure as managing director from 1998-99 to 2010-11, Ashok Leyland’s turnover increased five times to Rs 12,093 crore, net profit 30 times, and market cap 14 times.
Seshasayee has been chairman of IndusInd Bank since 2007 and is also vice chairman Hinduja Group India.
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