On 28th April 2020, The Punjab National Bank (PNB) Housing Finance Limited appointed independent director Neeraj Vyas as the Interim Managing Director(MD) and Chief Executive Officer(CEO) for the period of eight months effective from 28th April, following the early retirement of PNB housing Finance managing Director Sanjaya Gupta whose tenure as MD and CEO ends on May 4, 2020.Key Points:
i.The decision was made based on the recommendations of the Nomination & Remuneration Committee, and approval of the shareholders.
ii.Sanjaya Gupta stepped down from his active duties as the MD and CEO effective from the close of business hours on 28th April and Neeraj Vyas resigned as the Independent director from the board of the company and took charge as the interim MD and CEO effective from 28th April 2020.
iii.Neeraj Vyas worked as Deputy Managing Director and COO of State Bank of India, he is a senior in the banking profession with over 36 years of experience in banking.
iv.In the regulatory filing, The board of the company has mentioned that they have initiated the process to find a new MD cum CEO.
v.PNB housing had become the fourth largest housing finance company in India in terms of advances and second largest in terms of deposits by gaining significant market shares in the recent years and the company in process to raise upto Rs 1700 crore by share sale to institutional investors.
About PNB Housing Finance:
Interim MD & CEO– Neeraj Vyas
Founded– November 11, 1988
Corporate Office– New Delhi