Poonawalla Fincorp CTO Resigns Citing Harassment by Company's Chief HR

Poonawalla Fincorp's Chief Technical Officer (CTO), Dhiraj Saxena has unexpectedly resigned from the company alleging harassment and unwanted interference from the company's Chief Human Resources Officer (CHRO). According to a regulatory filing, the resignation, effective on December 3, was officially submitted on September 6.

In an unverified resignation letter, Dhiraj Saxena cited harassment and unnecessary intervention from the Chief Human Resources Officer (CHRO) as the reason behind his decision.

In the letter with the subject line 'Resignation from the post of Chief Technology Officer due to harassment', Saxena gave his reasons for resignation. He shared that the relentless harassment and disruptions from the HR department negatively impacted team morale and operational efficiencies, ultimately leading to his tough decision to step down.

Saxena wrote, "I hereby resign from the post of Chief Technology Officer due to harassment & unnecessary interventions of CHRO which is impacting me in managing the IT function effectively and efficiently."

He further mentioned, "This is creating major unrest in the team thereby impacting the IT delivery. I have tried my best to collaborate, but it seems it is not the intention of the other side."

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Leadership changes at Poonawalla Fincorp

Incidentally, Saxena's departure coincides with significant leadership shakeups at Poonawalla Fincorp. Arvind Kapil joined as the Managing Director and CEO in June 2024, while Harsh Kumar undertook the position of CHRO in July of the same year.

Who is Dhiraj Saxena?

Dhiraj Saxena has a wealth of experience in the banking and finance sector. Before his tenure at Poonawalla Fincorp, he was in lead positions in prominent financial institutions such as IDBI Bank, L&T Finance, and ICICI Bank. His abrupt exit from Poonawalla Fincorp has come as a big surprise to industry insiders.

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Impact on Poonawalla Fincorp

Notably, Poonawalla Fincorp's stock prices fell over 3% to Rs 342 following Saxena’s resignation announcement. The absence of an official statement from either party has only fueled speculation surrounding the circumstances of Saxena's departure.

As a subsidiary of the renowned Cyrus Poonawalla Group, Poonawalla Fincorp operates under the leadership of Adar Poonawalla. The conglomerate, known for its flagship company Serum Institute of India, holds considerable sway in the financial landscape, making any internal discord a matter of public interest.

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