Shriram Group has set up a board of management to manage the Shriram Ownership Trust, Founder R Thyagarajan said in a press briefing.
The promotership of Shriram Group has been transferred to Shriram Ownership Trust and it does not lie with an individual or a family. Thyagarajan said the responsibility to drive the group’s business will lie with the board of management being constituted.
The trust will be managed by including four key members from subsidiary firms. They are DV Ravi, MD, Shriram Capital; Jasmit Gujral, MD, Shriram General Insurance; Umesh Revankar, MD, Shriram Transport Finance; and R Duruvasan, former MD of Shriram City Union Finance.
Thyagarajan said he will not run the day-to-day operations but will be available for consultations – just the way he has been doing it since the last 4-5 years.
“I don’t believe they need more guidance and I won’t be a trustee any more,” he said. “I may give my advice to them if I see something or observe in the environment but they (board of management) will not be under any obligation to take my advice.”
The transition arrangements will be put in place in the coming weeks and months. The board will not have a chairman as it will be a team of equals, as each individual will be a leader in different segments of the business or group, Thyagarajan said.
According to him, restructuring within the group was underway and it would take concrete shape in the next few weeks or months.