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CEO Steps Down Amidst Conflict of Interest Fears
29 Oct
Summary
- CEO PN Vasudevan resigned due to perceived conflict of interest.
- Bank requested him to stay until a successor is found.
- Net profit surged to Rs 218 crore in the latest quarter.
PN Vasudevan has resigned as the Managing Director and CEO of Equitas Small Finance Bank Ltd. He intends to step down permanently once a suitable successor is identified and onboarded, a role he has agreed to continue in temporarily. Vasudevan cited a desire to pursue personal and social initiatives as his reason for leaving. He also addressed concerns regarding a perceived conflict of interest stemming from his daughter's co-promotion of a non-banking financial company (NBFC).
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