Anup Kumar Saha, the Managing Director of Bajaj Finance has resigned just four months after taking charge. The company said on Monday that he stepped down because of “personal reasons” but there is strong speculation he might be heading to IndusInd Bank, which is soon appointing a new CEO. In his resignation letter, Saha thanked the board and promised to support the company during this handover period.
To maintain stability, Rajeev Jain, who was the MD before Saha, will return to the role and continue as MD till March 31, 2028. He will also keep serving as vice chairman of the company. His sudden exit raised eyebrows because he was expected to lead the next phase of Bajaj Finance’s growth.
A well-known brokerage firm, Jefferies, called Anup Kumar Saha resignation an unexpected move. Jefferies said Rajeev Jain’s return will help keep the company steady in the short term, but they also said that Bajaj Finance will need to focus on finding a long-term successor.
Anup Kumar Saha Professional experience:
Anup Kumar Saha has an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow. Saha joined Bajaj Finance in 2017 and has over 32 years of experience in financial services, including 14 years at ICICI Bank, where he held senior positions in credit cards, auto loans, and more. Saha played a big role in expanding its business, improving technology, and reaching more customers. The company credits him with helping make Bajaj Finance more digital and customer-friendly. Like he played a big role in improving debt recovery systems and using data for business decisions.
Rajeev Jain Professional Experience
Jain is known for building Bajaj Finance into a strong retail lending company, offering a wide range of loan products and maintaining strong profits. Rajeev Jain worked as the Managing Director of Bajaj Finance from 2015 until March this year. After that, he was given a new role as Vice Chairman of the company. Before he joined Bajaj Finance in 2007, he worked at two well-known companies — American Express and American International Group (AIG).
Following the news the company’s shares dipped slightly, however, analysts say that investors still have strong confidence in Rajeev Jain, and his return might boost investor sentiment over time.