Carol Furtado Appointed Interim CEO at Ujjivan SFB by RBI
By ThePip Desk
RBI approves Carol Furtado as interim CEO of Ujjivan Small Finance Bank following Sanjeev Nautiyal’s resignation due to health reasons. Learn more about the leadership transition.
The Reserve Bank of India (RBI) has sanctioned the appointment of Carol Furtado as the interim Chief Executive Officer of Ujjivan Small Finance Bank. This follows the resignation of Managing Director and CEO Sanjeev Nautiyal, who cited health reasons for his early retirement.
Interim Leadership and Succession Planning
Ms. Furtado’s interim tenure is approved for a period of three months or until a permanent successor is appointed, whichever occurs first. The Ujjivan board accepted Mr. Nautiyal’s request for early retirement during a meeting on Tuesday and endorsed Ms. Furtado’s appointment.
The bank plans to initiate a search for Mr. Nautiyal’s permanent replacement and will submit its recommendations to the RBI. This transition occurs as the bank also notes its existing leadership development initiatives.
Key Leadership Transition Details
- Carol Furtado: Interim CEO, approved by RBI.
- Sanjeev Nautiyal: Former MD and CEO, resigned due to health.
- Interim term: Three months or until permanent appointment.
- Nautiyal’s retirement: Formally on November 30, after a three-month notice period.
- Nautiyal’s original term: Began July 1, 2024, for three years.
Market Reaction and Strategic Context
Following this announcement, shares of Ujjivan Small Finance Bank experienced a 5.4% decline on the BSE. This leadership change unfolds while Ujjivan Small Finance Bank actively seeks to diversify its business operations.
The bank aims to reduce its reliance on unsecured microfinance loans to enhance overall business stability. The RBI had previously returned the bank’s application to become a universal bank in April, advising further business diversification.
Experience Guiding the Interim Period
Carol Furtado brings substantial experience to her interim role, with over three decades in various functions including business, strategy, operations, and institutional roles. She was a key member of Ujjivan’s founding leadership team, providing continuity during this transition.
Bank officials have indicated that future succession planning would be improved, with the board expressing confidence that current leadership development initiatives will effectively manage this transition period.