Equitas Small Finance Bank on Thursday said its managing director and chief executive officer PN Vasudevan has resigned from the bank. Vasudevan is the founder of Equitas Small Finance Bank.
The board in its meeting held today (May 19, 2022) has taken the letter on record and wishes to place on record its deep appreciation of the contribution made by Vasudevan over the years, the bank said in a statement
The board would be forming a search committee shortly to undertake the process of identifying a successor. Vasudevan would continue as the MD and CEO till the succession and transition process is completed, it said.
In a regulatory filing, the bank shared Vasudevan’s letter, in which he expressed his desire to quit but did not give a timeline. Vasudevan said he would continue until a successor is found.
In his letter to the lender’s Chairman Arun Ramanathan, Vasudevan said he along with his wife has created a public charitable trust in their daughter’s name, Varshini Illam Trust. He said that they are running an adoption centre and have found a home for about 30 abandoned babies basis through government adoption process.
Vasudevan said many of these babies have development deficiencies. His letter also acknowledged that the problem of development deficiencies in small babies is especially acute in upcountry due to a combination of low awareness of parents, inadequate financial means and lack of access to quality therapy centres.
To address this problem they have launched a project in the trust to take quality medical and therapy treatment to rural and semi-urban areas at their door-step to those in the age group of 0-3 years.
“In view of the above, I request the board to look for a successor to my current position. I would be happy to be of help in identifying my successor, who, I am confident, would steer the bank into its next phase of growth keeping the values and ethos with which we had started Equitas,” Vasudevan wrote in the letter.
Prior to joining the bank, he was the managing director of EHL. Vasudevan holds a bachelor’s degree in science (physics) from the University of Madras. He is a qualified company secretary from the Institute of Company Secretaries of India.
He has extensive experience in the financial services sector and had served as the executive vice president and head of the consumer banking group in Development Credit Bank Ltd, for more than one and half years.
Shares of Equitas Small Finance Bank ended at Rs 59.15, up by Rs 0.10, or 0.17 percent on the BSE.
First Published: IST