Dhiraj Saxena, Chief Technology Officer (CTO) of Poonawalla Fincorp, has resigned from his position citing harassment and unnecessary interventions by the company’s Chief Human Resources Officer (CHRO), Harsh Kumar.
Dhiraj’s resignation, submitted on September 6, 2024, became public on December 6 through a regulatory filing. The resignation took effect on December 3, 2024.
Poonawalla CTO Allegations and Resignation Letter
In his resignation letter, Dhiraj raised serious concerns about the behavior of the CHRO, claiming harassment and undue interference that hindered his ability to effectively manage the company’s IT functions.
Dhiraj stated, “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.”
Further added, “I have tried my best to collaborate, but it seems it is not the intention of the other side.”
Dhiraj highlighted the negative impact on team performance and project outcomes due to the lack of collaboration.
He mentioned that the harassment and unnecessary interventions created major unrest within the IT team, affecting overall delivery.
Dhiraj’s departure comes during a period of significant leadership changes at Poonawalla Fincorp.
Company’s Response and Future Implications
Poonawalla Fincorp has not issued a formal response to the allegations.
However, the company’s regulatory filing confirmed compliance with SEBI guidelines, including detailed disclosures regarding Saxena’s resignation, but did not comment on the specific claims made.
Dhiraj’s resignation raises questions about workplace culture and conflict resolution at the company.
His letter concluded with a request for formal relief under HR policies and expressed good wishes for the organization’s future.
Poonawalla Fincorp CTO: Background and Career
Dhiraj joined Poonawalla Fincorp as Chief Transformation Officer in July 2023 and was appointed Chief Technology Officer in March 2024.
Before joining Poonawalla Fincorp, he was associated with IDBI Bank as the Head of Digital Banking & Payments.
He has also worked at Andromeda Sales & Distribution, L&T Finance, and ICICI Bank.
Dhiraj holds a Master’s in Business Administration (MBA) from the Institute of Technology & Management and a Master’s in Computer Applications (MCA) from Maharaja Sayajirao University.
The resignation of a senior executive under such circumstances could indicate deeper organizational issues.
Poonawalla Fincorp has yet to issue an official statement addressing the allegations or Dhiraj’s departure.
Regulatory filings confirm the resignation and state compliance with SEBI disclosure requirements.
The company, formerly known as Magma Fincorp, rebranded to Poonawalla Fincorp in July 2021 after its acquisition by Adar Poonawalla’s Rising Sun Holdings.
It has since positioned itself as a leading player in the non-banking financial sector.
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