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Piramal Retail CEO Jagdeep Mallareddy set to join IndusInd Bank
MUMBAI: IndusInd Bank is reshuffling its retail deck. Jagdeep Mallareddy, currently chief executive of retail lending at Piramal Finance, is set to jump ship to head the bank’s consumer finance business, as it sharpens its retail ambitions.
The move, confirmed by people familiar with the matter, places Mallareddy at the centre of IndusInd’s consumer-banking drive. He will oversee both the asset and liability sides of retail banking at the Hinduja Group-promoted lender—two levers seen as vital to its retail pivot.
The hire is understood to be a strategic call by Rajiv Anand, IndusInd’s chief executive, and comes as the bank looks to accelerate retail growth in a competitive market. Mallareddy and Anand have worked together before at Axis Bank, giving the appointment a note of familiarity as well as intent.
At Piramal Finance, Mallareddy has been steering retail lending, building experience in consumer credit and distribution. That background now travels to a bank eager to bulk up its consumer franchise.
For IndusInd, the message is clear: retail is back in fashion, and seasoned bankers are in demand. As lenders chase granular growth and stickier deposits, consumer finance has become the new battleground. Mallareddy walks into the fray with a broad mandate—and a bank betting that retail, done right, can still brew profits.
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Air Canada ceo to quit over “English-only” message after New York plane crash
English-only condolence video after fatal LaGuardia crash triggers outrage in Quebec and hastens succession
MONTREAL: Air Canada’s boss is heading for the exit after a linguistic misstep collided with a national faultline.
Michael Rousseau will retire by October, the airline said on Monday, days after a backlash over his English-only video tribute following a deadly crash involving an Air Canada Express jet in New York. The March 22 collision with a fire truck at LaGuardia Airport killed two pilots and injured dozens, but Rousseau’s message, bookended only by “bonjour” and “merci”, ignited fury in French-speaking Quebec.
Mark Carney welcomed the departure, calling the video a “lack of judgment and lack of compassion”. “It is absolutely essential that his successor is completely bilingual,” he said in Toronto. “He did a good job technically as CEO but as the leader of an organisation you have broader responsibilities. It’s the right decision at the right time.”
The row quickly metastasised. Quebec’s National Assembly voted 92–0 for Rousseau to quit. More than 1,800 complaints flooded the federal languages watchdog. Even Caisse de dépôt et placement du Québec, a major shareholder, weighed in. “There is no doubt that the video should have been in both official languages.”
The symbolism cut deep. One of the dead pilots, Antoine Forest, was from Quebec. Language, long a live wire in the province, remains entwined with identity and politics, fuelling the separatist Parti Québécois ahead of an election due by October.
Rousseau, 68, had form. In 2021, soon after taking charge, he drew fire for delivering a Montreal speech largely in English and boasting he had lived there for years without speaking French. He apologised then and again last week, saying he was “deeply saddened” his limitations had “diverted attention from the profound grief of the families and the great resilience of Air Canada’s employees.” He had logged more than 300 hours of French lessons since taking the helm in February 2021.
Operationally, his tenure was steadier. He steered Air Canada through the pandemic and its messy aftermath, though labour tensions, most notably a four-day cabin crew strike, dogged the recovery. Shares slipped more than 2 per cent after the news before trimming losses to about 1.2 per cent on the Toronto exchange.
The airline, bound by the Official Languages Act to serve customers in both English and French, said it is accelerating a succession plan already under way, with candidates to be judged in part on their French. Analysts say the next chief must pair operational discipline with strategic clarity amid fuel volatility, labour costs and fierce competition.
A dual crisis—metal on tarmac in New York and politics at home—has now claimed its most senior scalp. In Canada’s flag carrier, competence got Rousseau far. In the end, fluency finished the job.
