CARE Ratings has appointed Ajay Mahajan as MD and CEO of the company for 5 years from 15 April. Mahajan started his career with Bank of America in 1990 and went on to become the MD and country head of Global Markets Group. Thereafter, he was part of the management team at Yes Bank in 2004, built UBS’ maiden branch in India in 2008, and then worked with IDFC. CARE Ratings said following Mahajan’s appointment, the interim CEO, T.N. Arun Kumar will revert to his previous position as chief ratings officer and oversee the functions of ratings operations. CARE Ratings was involved in an incident where its erstwhile chairman and its MD and CEO faced allegations of wrongdoings — interference in the rating process. They were subsequently removed from the positions.
