Sunil Godhwani replaces Malvinder Mohan Singh as Religare Enterprises chief

Financial services group Religare Enterprises Limited (REL) today announced a broad reorganisation of its board of directors and the appointed Sunil Godhwani as its chairman and managing director (CMD).

Mr. Sunil GodhwaniGodhwani's appointment as CMD follows the decision by Malvinder Mohan Singh, chairman and Shivinder Mohan Singh, director of Religare Enterprises, respectively, to step down from the board.

"As we continue to build global businesses we will need to keep revisiting our structures and models to maximize and best deliver share holder value.

This joint decision between me, Shivinder and Sunil is a step in that direction and has been well thought through to have better focus, realignment and in turn drive growth for the organisation," Malvinder Mohan Singh said of his decision.

"The team at Religare is a dedicated one that is completely empowered to deliver on the joint vision we have of making Religare a global leader in financial services.

We believe that our proposal to induct globally acclaimed leaders at the Religare board would help the management team to achieve our objective most expeditiously," he said.

In a filing with the Bombay Stock Exchange (BSE),
Religare Enterprises said the board of directors of the company at its meeting held on 6 April 2010, inter alia, appointed Shachindra Nath as chief executive officer (CEO) and board member and Anil Saxena as board member of Religare Enterprises Ltd.

The decision to induct three new board members with expertise in global financial services is in step with the organisation's global plans and ambitions in the field of asset management and investment banking and initiate global search for the same, the release said.