Oracle today announced the appointment of Chaitanya M. Kamat (Chet Kamat) as Managing Director and Chief Executive Officer of Oracle Financial Services Software Limited (OFSS), a majority owned subsidiary of Oracle and an integral part of the Oracle Financial Services Global Business Unit.
Mr. Kamat has also joined the board of directors.
N.R.K. Raman is retiring from these posts after 25 distinguished years with OFSS. Raman will continue his service as Executive Advisor until the end of the calendar year.
Additionally, S. Venkatachalam has been appointed as a new independent director on the OFSS Board. Mr. Venkatachalam is a well-respected member of the financial services industry having served a celebrated career at Citibank. Currently he also sits on the boards of Bharti - AXA Trustee Services Limited and the State Bank of India.
"Chet Kamat is a proven financial services executive with more than 25 years of experience leading large organisations. After a diligent process to find the right leader to succeed Raman, we are fortunate to announce his appointment," said Frank Brienzi, Senior Vice President and General Manager, Oracle Financial Services Global Business Unit. "Raman will remain actively engaged in the business through the end of the calendar year, guiding the transition. Our people and clients are critically important to our business - therefore, we have planned and will execute a smooth and comprehensive transition. We thank Raman for his leadership and years of service to OFSS and wish him the best in his retirement."
"Over the past few years, OFSS has been a growing and innovative member of the financial services industry", said Chet Kamat, Managing Director and CEO, OFSS. "This is an exciting time for the industry and OFSS is well positioned with a broad product footprint and a differentiated, compelling, value proposition. I am pleased to join this team."