Aniket PujariFormer Chief Executive Officer (CEO) of L&T Financial Services, Sanjay Garyali, is set to join as the CEO of a microfinance lender, Fusion Finance, according to an exchange filing on Friday, March 14.
Sanjay Garyali is set to take over Devesh Sachdev’s responsibilities as CEO of the firm effective Monday, March 17.
“Mr. Sanjay Garyali has been appointed as the Chief Executive Officer of the Company, effective March 17, 2025. With over 28 years of experience in the finance industry, he brings a wealth of expertise in retail financial markets and a deep understanding of the key drivers in the sector,” said the company in the BSE filing.
Who is Sanjay Garyali?
Sanjay Garyali was the Chief Executive Officer (CEO) of L&T Financial Services, where he was responsible for managing a portfolio of ₹40,000 crore, which included the two-wheeler, consumer loans, and mortgage segments.
“His role involved shaping policies, developing infrastructure, and creating distribution networks for mortgages, as well as optimizing the cost structure of the two-wheeler business to drive profitability,” as per the filing data.
Before serving as CEO of L&T Financial Services for 3 years, Garyali worked in various roles with Kotak Mahindra Bank for over 15 years. According to data collected from LinkedIn, his last position at Kotak was as the business head of Housing Finance and Emerging Markets.
According to a Moneycontrol report, Garyali will have to turn around the microfinance lender, which posted a net loss of ₹1,060 crore for the nine months ended December 2024, compared to a net profit in the same quarter in the previous financial year.
Fusion Finance shares closed 3.33 per cent lower at ₹141 after Thursday’s market session, compared to ₹145.85 at the previous stock market close. The announcement of the new CEO appointment was made on Friday, March 14. Indian stock markets were closed due to the Holi 2025 holiday on Friday.
