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Equitas Small Finance Bank on Friday said that PN Vasudevan, in response to suggestions of the board, has decided to stay on as managing director and chief executive of the lender.
The founder and CEO had informed the lender’s board in May about his decision to step down to pursue philanthropic activities.
“The board noted that Vasudevan had in May 2022 expressed his desire to move on after the process of identifying a successor is complete and had, at that time, agreed to the suggestion of the chairman to defer tendering his resignation till then,” Equitas said in a regulatory filing.
The board, the filing said, believes that continuity of management and his leadership would help the bank sustain its growth in a stable, scalable, and inclusive manner.
“Accordingly, the present ongoing process of identifying a successor to him will stand terminated,” it said, adding that Vasudevan’s current term as head of the bank expires on 22 July 2023. The board has decided to renew his term for a further period of three years with effect from 23 July 2023, subject to approval by the Reserve Bank of India (RBI) and the shareholders.
In a letter to Equitas SFB’s chairman Arun Ramanathan on 23 December, Vasudevan referred to their discussions on how over the next few years, the lender will have the opportunity
to build a highly respectable banking institution, including applying for a universal bank license and thus continuity of the management would be helpful.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
