Ujjivan Financial Services Ltd has named Sanjeev Barnwal as the new Chief Executive Officer. His appointment will be effective from 10 September.
This development has been initiated after its former head Carol Furtado joined as the officer on special duty at Ujjivan Small Finance Bank. Furtado was given the responsibility of handling the day-to-day operations of the bank from 26 August till outgoing CEO Nitin Chugh is in office.
Post that she was directed to take the charge as the interim CEO, subject to approval from the Reserve Bank of India (RBI). Chugh resigned from his post last month citing personal reasons.
“Please be informed that our board of directors at their meeting held today, 9 September 2021, based on the recommendation of the Nomination and Remuneration Committee, has considered and unanimously approved the appointment of Sanjeev Barnwal, as chief executive officer (CEO) effective from 10 September 2021 as per Section 203 of the Companies Act, 2013; he will continue to be the company secretary and key managerial personnel of the company,” it said in a regulatory filing.
In its official communique, the company said that Barnwal holds over seven years of experience and has been a senior team member. He played pivotal roles in several key achievements namely private equity raise, initial public offering and listing, banking licence application and processing, formation of the subsidiary, restructuring through slump sale and listing of the bank.
“His corporate and investment banking experience plus his active interactions with the regulators, stock exchanges, investors investment bankers, legal counsels, auditors and long association with Ujjivan will continue to add value in his larger role and responsibility as the CEO of the company,” it said.