Ujjivan Small Finance Bank in a concall on Friday said that Managing Director and Chief Executive Officer Nitin Chugh's resignation came as a bit of a surprise for the company. The lender also said that over the last few months, the bank has been working hard to strengthen the board, however, Chugh’s resignation was due to personal reasons and not due to any “material reasons”.

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Shares of Ujjivan SFB fell as much as 5.78 percent in the morning trade on Friday on the BSE after Chugh submitted his resignation on August 19.

The resignation will come into effect from September 30, 2021.

“We hereby inform you that the bank has received a letter dated August 18, 2021, from Mr Nitin Chugh tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021,” Ujjivan SFB stated in its BSE filing.

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Ujjivan Small Finance Bank MD & CEO Nitin Chugh resigns from his position

The bank also announced the appointment of four additional directors.

The nomination and remuneration committee of the board of directors in its meeting held on Friday appointed Samit Kumar Ghosh, Sudha Suresh, Banavar Anantharamaiah Prabhakar, and Ravichandran Venkataraman as additional directors with effect from August 20, 2021.

While the holding company has nominated Samit Ghosh to be Director in both the firms – Ujjivan Financial services and Ujjivan SFB.

Sudha Suresh, who was the Managing Director and

CEO (2017 - 2018) and Chief Financial Officer (2008 – 2017) of Ujjivan Financial Services Limited, will be a non-executive non-independent additional director. While Prabhakar and Venkataraman are to be independent additional directors.

First Published:Aug 20, 2021 10:13 AM IST