Equitas Small Finance Bank (Equitas SFB) managing director and chief executive officer P.N. Vasudevan on Friday withdrew his resignation.
The board of Equitas SFB has resolved to renew Mr. P.N. Vasudevan’s term for a further period of three years with effect from July 23.
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BIJOY GHOSH
The bank said that Mr. Vasudevan had decided to continue in his present role in response to suggestions from the Board. Accordingly, the present ongoing process of identifying his successor would stand terminated.
“I remain committed as ever to pursue our mission of creating the most valuable bank for all its stakeholders through happy employees,” Mr. Vasudevan said in a letter to chairman Arun Ramanathan.
Following this, the board of SFB has resolved to renew his term for a further period of three years with effect from July 23. Mr. Vasudevan’s current term as MD & CEO was set to expire on July 22, 2023, it said in a regulatory filing.
The Board believes that continuity of management and his leadership would help the bank sustain its growth in a stable, scalable and inclusive manner.
In May, Mr. Vasudevan had expressed his desire to move on after the process of identifying a successor was complete and had, at that time, agreed to the suggestion of the Chairman to defer tendering his resignation till then.
