Muthoot Capital’s Directors Resign As Their Daughters Step Into Board

Muthoot Capital Services Ltd. on Monday announced the resignation of three key members from its board of directors, effective immediately. The company accepted the resignation letters of Thomas George Muthoot, managing director, Thomas John Muthoot, non-executive chairman, and Thomas Muthoot, non-executive director.

The board has appointed three new members, all daughters of Thomas George Muthoot and Thomas John Muthoot, marking a generational transition in leadership.  

"All are set to infuse fresh ideas and energy into MPG’s growth journey. As members of the fourth generation of the Muthoot Pappachan family, they have been rigorously prepared through a structured induction program that began in their early years," said the press release.

Tina Suzanne George has been appointed as Executive Director for a period of five years, subject to shareholder approval. A Chartered Accountant with experience at Deloitte and E&Y, Tina has expertise in audit, tax, and compliance, according to an exchange filing. She was recognised as one of India’s Top 100 Women in Finance and awarded Young Leader of the Year in 2024. 

Ritu Elizabeth George joins as an Additional Non-Executive Director. She brings experience from leadership roles in HR at MFL One, risk analysis at KPMG, and hospitality management with Hilton and Novotel. Ritu is also the founder of luxury candle brand Asoy and is pursuing a master’s in HR management from XLRI.  

Susan John has been appointed as an Additional Non-Executive Director. A medical professional specialising in oncology and general medicine, she has worked with The Royal Marsden NHS Trust and UHCW, with significant contributions in clinical research and teaching.  

The changes follow approvals from the Reserve Bank of India under its Scale Based Regulation framework and were recommended by the Nomination and Remuneration Committee and approved by the board.

Shares of the company fell as much as 1.30% to Rs 329 apiece but pared losses to gain 0.85% during the day.