Ujjivan Small Finance Bank, a subsidiary of the listed entity Ujjivan Financial Services, Friday announced the appointment of Nitin Chugh as its MD and CEO for a period of three years with effect from December 1, 2019. The Reserve Bank of India (RBI) has approved Chugh's appointment, Ujjivan Financial Services said in a BSE filing.
"This appointment comes at the end of a succession planning process undertaken by the bank as the present tenure of Samit Ghosh as the MD and CEO of the bank will conclude on November 30, 2019 (the date of his attaining the age of 70 years)," the company said. Ujjivan Financial Services said the bank's board had proactively initiated the whole exercise of identifying the successor to Samit Ghosh well in advance to enable a smooth transition for his incoming successor.
"Chugh will join the bank by August 2019 as president and will work closely with Samit Ghosh, existing MD and CEO, to ensure a smooth transition. Chugh will take charge of the position of MD and CEO of the Bank from December 1, 2019, upon the retirement of Samit Ghosh," Ujjivan Financial Services added. The requisite approval from the shareholders of the bank will be obtained prior to his taking charge. Chugh currently serves as the Group Head of Digital Banking of HDFC Bank. Shares of Ujjivan Financial Services were trading 1.59 per cent lower at Rs 315.80 apiece on BSE.
(With inputs from agencies.)