TransUnion CIBIL CEO Rajesh Kumar quits; Bhavesh Jain appointed successor

TransUnion CIBIL, a leading credit information company, on Thursday announced the resignation of its Managing Director and CEO, Rajesh Kumar, after a five-year tenure. The company said Kumar resigned "recently" citing personal reasons, but didn't specify the timeline of this departure.

"Rajesh has communicated his decision to move on and take some time for himself and his family after a continuous 32-year career in financial services. We thank Rajesh for his significant contribution to TransUnion CIBIL's evolution and respect and acknowledge his decision," its chairman V Anantharaman said.

Chief Revenue Officer Bhavesh Jain has been elevated to the position vacated by Kumar.

The TransUnion CIBIL statement issued on Thursday said Jain will continue the "important work" initiated by Kumar.

“Bhavesh is an accomplished leader with a passion for helping India’s economy continue to grow. He is focused on TransUnion CIBIL’s vital role in driving sustainable access to credit for millions of people and commercial entities to advance financial inclusion and ease of doing business,” said Todd Skinner, president, TransUnion International.

The announcement comes days after Congress MP Karti Chidambaram criticised TransUnion CIBIL in the Lok Sabha, and blamed the company for being non-transparent.

"Nobody knows how Cibil as an organisation works, we do not know whether they are updating our credit history properly. there is no transparency, there is no way for us to appeal, and there is complete asymmetry between the company which is rating and us. there is no redressal at all," Chidambaram had said.