Jio Financial Services Group COO Charanjit Attra Quits

SUMMARY

Jio Financial Services said that Charanjit Attra resigned on account of his appointment as the MD and CEO of its leasing subsidiary Jio Leasing Services

Attra served as the chief financial officer (CFO) of State Bank of India before joining JFS as COO in July 2023

Earlier this year, JFS sought shareholders’ approval to acquire equipment worth INR 36,000 Cr from sister firm Reliance Retail to mark its foray into the device leasing business

Jio Financial Services (JFS) group chief operating officer (COO) Charanjit Attra has tendered his resignation from the company.

In a regulatory filing with the BSE, JFS said that Attra resigned on account of his appointment as the MD and CEO of its subsidiary Jio Leasing Services.

As per the company, his resignation came into effect on Monday (July 8). He will take over the new role on July 9.

“We wish to inform you that Charanjit Attra has tendered his resignation as group CEO (senior management personnel) with effect from close of business hours of July 8, 2024 consequent to his being appointed as the MD and CEO of Jio Leasing Services Limited…,” said the company

In his resignation letter, Attra said, “I would like to express my sincere gratitude for the opportunity and support extended throughout my tenure as Group Chief Operating Officer. I am looking forward to contributing to our shared goals and vision in my new role”.

Attra served as the chief financial officer (CFO) of State Bank of India (SBI) before joining JFS as COO in July 2023. He also worked with companies such as EY, Infotech and ICICI Securities in the past.

The development comes two months after the Reliance-backed financial services major sought shareholders’ approval to acquire equipment worth INR 36,000 Cr from sister firm Reliance Retail to mark its foray into the device leasing business. Jio Leasing Services will rent out telecom equipment, including routers and cell phones, to customers of Reliance’s telecom arm, Reliance Jio Infocomm.

Meanwhile, this is not the first top-level reshuffle at the company in the recent past. In late-May, the financial services juggernaut received approval from the Ministry of Corporate Affairs (MCA) to appoint Hitesh Kumar Sethia as its new MD and CEO for three years.

The latest reshuffle also comes at a time when JFS is bolstering its play in the financial services space. In April, it signed a joint venture (JV) with BlackRock to float wealth management and brokerage businesses.

Additionally, the company also launched ‘JioFinance’ app in beta mode in May this year to offer digital banking, UPI transactions, bill settlements, and insurance advisory all under one umbrella.

Jio Financial Services reported a nearly 6% rise in its consolidated net profit to INR 311 Cr in the fourth quarter (Q4) of the financial year 2023-24 (FY24) from INR 294 Cr in the preceding December quarter. Operating revenue saw a marginal increase to INR 418 Cr in the reported quarter from INR 414 Cr in Q3 FY24.

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