Aashish Sommaiyaa, Managing Director and CEO of Motilal Oswal Asset Management Company (MOAMC), has resigned. He was associated with the company for more than seven years.
Mr Sommaiyaa had joined the AMC in January 2013 and has over 18 years of experience in business strategy and management, product development, sales and distribution and marketing of investment products. Prior to joining Motilal Oswal, he was associated with ICICI Prudential AMC as the Head of Retail Sales and Distribution.
Navin Agarwal, who is currently working as the Managing Director, Motilal Oswal Financial Services (MOFSL), will take charge.
In a press release, the company stated, "Navin Agarwal who has been with MOFSL over the last 20 years and has been instrumental in developing the entire portfolio of MOFSL businesses, will relinquish executive responsibilities at MOFSL and take up full-time assignment as Managing Director and CEO of MOAMC. On behalf of the board, he had also been overseeing the AMC business closely for the past 2 years."
In its official statement, Motilal Oswal Financial Services revealed that Mr Rajat Rajgarhia might take up as the Whole-time Director & Designated Director of MOFSL, subject to the approval of the shareholders and stock exchanges.