Poonawalla Fincorp's CTO Dhiraj Saxena resigns, alleges harassment by the CHRO

Dhiraj Saxena, Chief Technology Officer (CTO) of Poonawalla Fincorp Limited, has resigned, effective December 3, citing harassment by the company’s Chief Human Resources Officer (CHRO).

Saxena’s resignation, initially submitted in September, became public through a regulatory filing on December 6.

Harassment and unnecessary interventions: Saxena

Saxena cited "harassment and unnecessary interventions" by CHRO Harsh Kumar as the primary reason for his resignation.

In his letter, Saxena alleged that these issues hampered his ability to manage the company's IT functions efficiently, leading to unrest within his team and negatively impacting project delivery.

“I hereby resign from the post of Chief Technology Officer due to harassment and unnecessary interventions of the CHRO, which is impacting me in managing the IT function effectively and efficiently. This is creating major unrest in the team, thereby impacting IT delivery. I have tried my best to collaborate, but it seems it is not the intention of the other side,” Saxena wrote in his letter.

Poonawalla Fincorp has not yet issued an official statement addressing these claims.

Saxena joined Poonawalla Fincorp in 2023, bringing extensive experience from his previous roles at IDBI Bank, L&T Finance, and ICICI Bank.

Leadership transitions at Poonawalla Fincorp

The company, part of the Cyrus Poonawalla Group, has experienced notable leadership changes recently.

Arvind Kapil, formerly of HDFC Bank, took over as Managing Director and Chief Executive Officer in June 2024, while Harsh Kumar was appointed CHRO a month later.

These shifts, coupled with reports of new personnel introductions, have reportedly caused disruptions within the organization.

Saxena’s resignation marks another challenge for the non-banking financial company (NBFC), which rebranded as Poonawalla Fincorp in 2021 following its acquisition by Adar Poonawalla's Rising Sun Holdings.