Shares of PNB Housing Finance fell by over 15 % on August 1, a day after the lender informed that the resignation of MD and CEO Girish Kousgi is decided by board. PNB Housing Finance said the company schedule investor call on August 4, at 08:00 am regarding the resignation of the MD and CEO. It cause worries about future growth.
PNB Housing Finance shares decline by 15%
The board start a search for a seasoned expert with proven understanding and experience. Chairman of the Nomination and Remuneration Committee, R Chandrasekaran said, ‘’The Board provoke a rigorous, obvious and merit based selection process to hire new expert who will improve the legacy of company.
We are confident of identifying an right professional soon, who will further accelerate our strategic path and long-time period value.” Girish Kousgi will step down from his role from October 28 to pursue career aspirations outside the company.
Resignation of Girish Kousgi
During his tenure, Kousgi drove innovation and strategic evolution and aligned the company with customer-centric solutions. The board preferred Kousgi’s leadership and mentorship through his tenure and needed him best for his future endeavours. PNB Housing Finance, promoted by Punjab National Bank, emerged as the third-biggest housing finance company in India during tenure. The management said it is completely devoted to executing its long-term strategy and increasing initiatives.
PNB Housing Finance assured on August 1 that the strategic priorities, business awareness, and growth trajectory will remain ‘firmly intact’. The board also exuded confidence that the tea handing over the HFC’s overall performance continue to achieve growth and margins.
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