Indian American Nitin Kotak gets key research post

Washington: Indian American Nitin Kotak has been elected vice president and chief financial officer of the Howard Hughes Medical Institute (HHMI) engaged in advancing scientific research and education in the US.

Kotak, 53, joins the Institute from Bethesda-based Technest Holdings, Inc., where he was chief financial officer and treasurer.

"Nitin comes to us with great enthusiasm for our mission and significant experience in financial analysis, reporting, and compliance," said Cheryl Moore, HHMI's executive vice president and chief operating officer.

At HHMI, Kotak will oversee budget and financial analysis, the controller's office, treasury, internal audit, and procurement.

"I am very excited at this opportunity to be a part of this outstanding organization and work in a spirit of giving back to the community. I feel honored to be selected for this great responsibility," said Kotak.

During fiscal 2010, the Institute made disbursements of $889 million, including $738 million for scientific research and $89 million in grants to support science education and international research. The Institute's endowment at the close of fiscal 2010 stood at $14.8 billion.

A senior member of three major professional institutes in India - the Institute of Chartered Accountants, the Institute of Company Secretaries and the Institute of Cost and Works Accountants, Kotak started his career in 1981 working as the assistant company secretary for a Tata group enterprise, Tinplate Company of India.

He then spent more than 17 years working at ITC Limited where he held a variety of finance-related positions. In 1999 he moved to India-based Mattel Toys, a subsidiary of Mattel, Inc., as its chief financial officer.

Kotak moved to the US in 2003 to become director of finance and accounting for Able Laboratories, Inc., a publicly traded developer and manufacturer of generic pharmaceuticals. A year later, he became Able's vice president for finance and accounting.

Kotak joined Technest in 2005 as vice president for finance and operations and became chief financial officer and treasurer in 2008. IANS