GMR chief financial officer steps down

GMR chief financial officer steps downAfter seeing some key exits over the past two months, infrastructure giant GMR is on the verge of losing another senior executive.

GMR has announced that its chief financial officer (CFO) Amarthaluru Subba Rao would step down sometime in July this year to pursue his career interests elsewhere.

In a statement to the Bombay Stock Exchange (BSE), the infrastructure group said, "Mr Subba Rao Amarthaluru, group chief financial officer, has decided to pursue his career interests elsewhere."

The group also announced the appointment of a new CFO, Mr. Madhu Terdal, with effect from April 24, 2013. However, Mr. Rao will continue serving the group till July this year to ensure smooth transition.

Though the new CFO is also a veteran and has been shouldering key position for long, yet Mr. Rao's exit is being seen as a shocker by most of the group's employees.

As the group is currently burdened under a huge gross debt pile of nearly Rs 43,000 crore, it is pursuing an asset-light, asset-right model.

Mr. Rao's departure is not the company's first key exist in the recent past. In the last two months, GMR suffered the exit of energy business chief Raaj Kumar and GMR Hyderabad International Airport Ltd Chief Vikram Jaisinghani.