MM Murugappan, the executive chairman of the Murugappa Group, on November 11, 2020 stepped down as the chairman and director of the board of Cholamandalam Investment and Finance Company Limited. Murugappan stepped down as chairman effective close of business hours of November 11, 2020 as he turns 65 years of age and wishes to pursue philanthropy and other interests. Consequently, the board of directors of Chola elected Vellayan Subbiah as the chairman with effect from November 12, 2020.