Mahendra N Shah has been appointed as the new managing director (MD) of the IDFC Limited. His appointment to the post has been confirmed by the Board of directors of the IDFC Limited 

Shah will succeed Sunil Kakar, effective October 1, 2022. Kakar’s tenure as MD and CEO of the Company will end at the close of business hours on September 30, 2022.

Shah will serve as MD of the company from October 1, 2022 to September 30, 2023 subject to the approval of the shareholders of the Company and other applicable statutory/ regulatory approvals.

Shah, who joined IDFC in 2001, is the Company Secretary & Compliance Officer of IDFC. He also served IDFC Limited as the Group Company Secretary and Group Chief Compliance Officer.

He was also Group Head – Governance, Compliance & Secretarial and Senior Advisor — Taxation at IDFC for more than a decade.

Before IDFC, Shah worked with International Paper Limited for a period of six years as director of finance and company secretary where he was in charge of the finance function and regulatory compliances.