Ujjivian small finance bank bord to meet on August 25 to select OSD
Post to the surprise resignation of Nitin Chugh, managing director (MD) & chief executive officer (CEO), Ujjivan Small Finance Bank’s board will meet on August 25 to appoint an officer on special duty. The officer will work alongside Chugh until his exit from the bank, to ensure a smooth transition till the time an interim CEO is appointed.
Gosh, who has now been appointed to the board of directors of the bank, has highlighted that Ujjivan Financial Services has been concerned about the portfolio quality and the attrition at the bank. Chugh was in no way forced to resign, which was his personal decision.
As far as business standard is concerned, Ghosh mentioned that the, bank’s immediate priority is to ensure a smooth transition, manage asset quality and stem the tide of resignations.
The bank was in touch with banking regulator Reserve Bank of India (RBI) on dealing with the current challenge. The new permanent MD & CEO could be an internal or external candidate and the appointment would take at least 3-6 months, factoring in the time for the selection process and getting RBI approval.The top contender for the interim CEO post seems to be Carol Furtado, head of operations at the bank, Emkay said in a research note post an analysts call with the bank management.