Mumbai, June 25 (IANS) Private sector financial services firm IDFC on Sunday announced the appointment of Sunil Kakar as Managing Director and Chief Executive Officer of the company with effect from July 16 for three years. Also Read - Mumbai Rains: Heavy Rains Paralyse City, IMD Warns of 'Flooding', Local Trains Suspended Due to Waterlogging; BMC Declares Holiday

“The Board of Directors of the Company at its meeting held on 24.06.2017 has approved the appointment of Sunil Kakar as Managing Director and CEO of the company for a period of 3 years w.e.f. July 16, 2017, subject to the approval of the shareholders at the ensuing AGM of the company,” IDFC said in a stock exchange filing. Also Read - Kangana Ranaut Receives Notice From BMC Over 'Unauthorised Construction' of Her Residence, Here’s What They Found ‘Illegal’

Kakar has also been appointed as Additional Director. Also Read - Mumbai Rains Updates: IMD Predicts More Rains, CM Takes Stock of Situation

IDFC also announced that its board has approved the resignation of Vikram Limaye from the post of MD and CEO. He has been appointed Managing Director and CEO of the National Stock Exchange (NSE).

As per the profile provided by IDFC, Kakar joined the company as group Chief Financial Officer (CFO) responsible for finance, accounts, business planning, budgeting and investor relations, among others.

Prior to joining IDFC, Kakar worked with Max New York Life Insurance as CFO since 2001. He has also worked with Bank of America for 18 years in various roles.

This is published unedited from the IANS feed.