Ujjivan Small Finance Bank CEO & MD Sanjeev Nautiyal steps down on health grounds
Ujjivan Small Finance Bank's MD and CEO has resigned citing health reasons. The board accepted the early retirement and appointed Carol Furtado as interim head. The bank will now begin searching for a permanent successor to Nautiyal. Nautiyal ceased his role as MD and CEO from September 1. The bank's share price saw a decline following this leadership change.
Ujjivan Small Finance Bank announced that its CEO and Managing Director, Sanjeev Nautiyal, has stepped down from his position on health grounds. The bank's board accepted Nautiyal's early retirement request and appointed executive director Carol Furtado as the interim head, pending regulator approval. The bank announced the move in a regulatory filing to the stock exchanges, stating that it would soon initiate the process of identifying Nautiyal's successor and submitting its recommendation to the Reserve Bank of India.
Nautiyal had assumed the leadership role at Ujjivan on July 1, 2024, for a three-year term. He cited health issues as the reason for his early retirement, which became effective from September 1, after a three-month notice period. Nautiyal will remain on leave during this period and formally retire on November 30. The board expressed confidence in the bank's ability to maintain business continuity, citing Furtado's extensive experience and the bank's succession planning initiatives.
Ujjivan's share price fell by 5.4% to 65.40 on the BSE following the announcement, as investors offloaded their positions in reaction to the development.
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