Equitas Small Finance Bank has named current Whole-Time Director Balaji Nuthalapadi as interim CEO while initiating a formal search for a permanent successor. The leadership shuffle follows the unexpected resignation of founder P.N. Vasudevan, whose departure was announced alongside second-quarter financial results. Vasudevan stepped down to clear an overhang stemming from perceived conflicts of interest involving his daughter's regulated finance company. Vasudevan's final departure date will be scheduled in consultation with him once the central bank clears Nuthalapadi's appointment.
Key points
The Reserve Bank of India must formally clear the interim appointment before the founder'…: The Reserve Bank of India must formally clear the interim appointment before the founder's departure date is finalized.
Equitas Small Finance Bank has officially initiated a search to find a permanent successo…: Equitas Small Finance Bank has officially initiated a search to find a permanent successor for the chief executive position.
Outgoing leadership maintained full regulatory compliance despite market overhang impacti…: Outgoing leadership maintained full regulatory compliance despite market overhang impacting the lender's equity valuation.
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According to a filing with the exchange, the bank said that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors approved the appointment of Balaji Nuthalapadi as the Interim CEO of the bank, subject to approval from the Reserve Bank of India (RBI). Nuthalapadi currently serves as the Whole-Time Director (Executive Director) of the bank.
The bank further said that the appointment of Nuthalapadi as interim CEO, consequent to the resignation of P. N. Vasudevan as the MD & CEO, shall take effect from the date of RBI approval or such other date as the RBI stipulates.
Also Read | Equitas Small Finance Bank names Balaji Nuthalapadi interim CEO following PN Vasudevan's resignation
The bank further said that the board placed on record its deep appreciation and sincere thanks to P. N. Vasudevan for his invaluable contributions, exemplary leadership, and dedicated service to the bank during his tenure as MD & CEO. Upon receipt of RBI approval for the appointment of the Interim CEO, the board will decide his relieving date in consultation with Vasudevan.
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