TransUnion CIBIL Ltd confirmed on Thursday that Rajesh Kumar, who held the position of CEO and managing director for the past five years, has recently resigned. The company further announced the promotion of Chief Revenue Officer Bhavesh Jain to take over Kumar’s position, which he vacated for personal reasons.
The timeline for Kumar’s exit and Jain’s transition into the role has not been revealed.
Kumar’s resignation follows remarks from Congress MP Karti Chidambaram, who criticized TransUnion CIBIL in the Lok Sabha for its lack of transparency. Chidambaram expressed concern over the influence of the “CIBIL score” on lending decisions, citing insufficient clarity in the process.
“There is a total absence of transparency, and no one knows how the credit history is updated. There is no way to address or resolve these issues,” Chidambaram remarked.
TransUnion CIBIL’s statement emphasized that Jain would continue the “important work” begun by Kumar.
“After a remarkable 32-year career in financial services, Rajesh has chosen to step down and focus on spending more time with his family. We respect his decision and are grateful for his valuable contributions to TransUnion CIBIL,” stated V Anantharaman, chairman of the organization.
Anantharaman also acknowledged that the company had seen substantial growth under Kumar’s leadership.
Prior to joining TransUnion CIBIL five years ago, Jain had worked with companies like Citi and Kone.
Todd Skinner, president of TransUnion International, highlighted Jain’s “passion for helping India’s economy grow” and stated the company’s focus would remain on improving access to credit and enhancing financial inclusion, which would ultimately benefit both individuals and businesses.
Jain also mentioned, “The company aims to strengthen trust between consumers and businesses, especially in an increasingly digital world.”
