Fairfax India Holdings Corporation has announced key changes on its board, with Prem Watsa, who has been the chairman of Fairfax India’s board since 2015, stepping down from his role.
His son, Benjamin (Ben) Watsa, will replace him as chairman, effective July 1. Prem will continue to serve as a member of the board.
Ben is the founder and CEO of Marval Capital Ltd (Marval), an investment firm that focuses on the Indian market and specialises in small and mid-cap publicly listed companies.
Beginning his career in 2001, Ben brings 23 years of investment experience. Before establishing Marval in 2017, he spent 11 years at Lissom Investment Management Inc (Lissom), where he was a partner and portfolio manager, responsible for handling the firm’s small and mid-cap North American equity fund.
Before Lissom, he spent more than five years in New York as an investment banker in the Financial Institutions Group, an analyst at Banc of America Securities, and an associate at Cochran Caronia Waller. He also serves as a director of Fairfax.
Gopalakrishnan (Gopal) Soundarajan, currently the chief operating officer and a director of Fairfax India, will take on the role of chief executive officer, effective July 1.
Joining Fairfax in 2019, Gopal hay played an essential role in Fairfax and Fairfax India’s investments in the country. Before joining the company, he was the head of investments at ICICI Lombard General Insurance Company Limited (ICICI Lombard), where he was responsible for managing its investments.
Gopal will replace Chandran Ratnaswami, who will take on the role of executive vice chairman of Fairfax India on the same date.
Ratnaswami joined Fairfax as a portfolio advisor and director of international investments in 1993. He has been Fairfax India’s CEO since 2015.
In his new role as executive vice chairman, he will continue to focus on the company’s investments and operations and serve on Fairfax India’s board of directors.
Meanwhile, Sumit Maheshwari, managing director and CEO of Fairbridge Capital Private Limited, will continue to manage Fairfax India’s investment operations in the country.
Maheshwari and Gopal will continue to report to Ratnaswami.
Last month, Fairfax announced the passing of Ramaswamy Athappan, chairman and CEO of Fairfax Asia Limited, and Eric P. Salsberg, vice president of corporate affairs and corporate secretary.
