Ujjivan Small Finance Bank announced the appointment of Nitin Chugh as its managing director and chief executive officer for a period of three years with effect from Dec. 1, 2019.
The Reserve Bank of India has approved Chugh's appointment, Ujjivan Financial Services said in an exchange 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 Nov. 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," 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 1.6 percent lower at Rs 315.80 apiece on the Bombay Stock Exchange.
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