Rakesh Bhutoria, CEO of Srei Infrastructure Finance has resigned.
Key points to note –
- The Company is currently under the control of lenders as it is undergoing debt resolution. The Company has more than Rs 30,000 crore of debt. For reference, the current market cap of the Company is about Rs 400 crore.
- Since December 2020 more than 200 employees have resigned as lenders have delayed salary releases and capped the compensation of any single employee at Rs 50 lakh p.a.
- COO of a fully owned subsidiary, Head of Corporate Communications, Head of Treasury, Company Secretary are some other top position people to have left in the past.
Company has designated headhunters to find a replacement. However, the salary cap and delay in payments is unlikely to attract any good talent for this kind of position.