Ujjivan Small Finance Bank on Tuesday notified the exchanges that Sanjeev Nautiyal, managing director and chief executive officer, has sought an early retirement.
The board, in its meeting held Tuesday, considered Nautiyal’s request for an early retirement and approved the same considering his health issues, the filing said.
After the announcement, the stock tanked and closed 5.4% lower at Rs 65.37 on the NSE.
Nautiyal will be on leave from September 1 until the expiry of his notice period on November 30, 2026. He will cease to be the MD and CEO and key managerial personnel of the bank with immediate effect.
Based on the recommendation of the nomination and remuneration committee, the board has cleared the appointment of Carol Furtado, executive director (whole-time director), as the acting MD and CEO with immediate effect, subject to the approval of the Reserve Bank of India.
“We remain on track to meet our FY27 guidance and are committed to delivering a strong performance,” the management told analysts in a call.
Furtado is a seasoned banker with over three decades of extensive experience across business, strategy, operations, people and institutional functions. She is also a key member of the leadership team that laid the foundation and built Ujjivan throughout the journey.
The board will initiate the process of identifying a successor to Sanjeev Nautiyal and submit its recommendation to the Reserve Bank of India in the next three to four months, the management said.