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Corporate Affairs Ministry gives nod to Hitesh Sethia’s appointment as Jio Financial Services’ CEO
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Hitesh Kumar Sethia has been appointed the Managing Director and Chief Executive Officer of Jio Financial Services effective November 15, 2023, for a period of three years.
Corporate Affairs Ministry has cleared the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services for three years, the company said in an exchange filing on April 29.
“The Ministry of Corporate Affairs vide letter dated April 24, 2024, has accorded its approval for the appointment of Shri Hitesh Kumar Sethia as Managing Director and Chief Executive Officer effective November 15, 2023, for a period of three years,” the firm said in its regulatory filing.
The approval letter was received by the company on April 24, 2024.
The ministry, meanwhile, said, the aforesaid Managerial Personnel shall give an undertaking to the company that he shall not for long as he functions as such become interested or otherwise concerned directly or through spouse and/or minor children in any selling agency of the company in future without the prior approval of the central government.
Earlier this month, Jio Financial Services reported its quarterly results for the January to March 2024 period in which it saw a 6% quarter-on-quarter (QoQ) rise in consolidated net profit at ₹310 crore for the fourth quarter that ended March 31, 2024, against ₹294 crore in the preceding quarter. The company’s consolidated profit after tax (PAT) for FY24 stood at ₹1,605 crore.
Sethia is a former executive from McLaren Strategic Ventures. He is a top financial services executive with over two decades of experience. He has worked with companies across Europe, Asia, and North America.
He is an alumnus of Harvard Business School Executive Education where he pursued an Advanced Management Program and a certified chartered accountant.
Sethia spent most of his career at lClCl Bank where he gained functional experience and handled leadership roles across various departments including credit, retail banking, transaction banking, and corporate banking. He also gained an understanding of technology applications in financial services in these roles.
Also Read: ‘We have only tailwinds,’ says Jio Financial Services Chairman KV Kamath
With his experience of working across multiple countries, Sethia gained experience in the areas of strategy formulation, market development, compliance, risk management and team building.
At ICICI Bank, he worked to set up and scale operations as a key member of the set-up team for lClCl Bank Canada, and was the first employee of the lender in Germany.
He has also served in senior positions and country head positions for the IClCl Bank’s operations in the UK and Hong Kong. His last position at the bank as the Head of Transaction Banking in Mumbai.
In 2022, Sethia joined McLaren Strategic Ventures as the company’s Head of Europe. He was appointed to drive growth for McLaren Strategic Solutions and McLaren Strategic Capital.
He also led the banking practice across other strategic markets including India, the US and the Middle East.
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