Leadership Transition at Ujjivan Small Finance Bank
Ujjivan Small Finance Bank's Managing Director and Chief Executive Officer Sanjeev Nautiyal has opted for early retirement due to health issues, effective September 1. The board of the Bengaluru-based lender accepted his request at a meeting on Tuesday and approved the appointment of Executive Director Carol Furtado as interim head.
Nautiyal submitted his early-retirement request by email on August 31, giving the bank three months' notice. He has ceased to be MD, CEO and key managerial personnel and will remain on leave until November 30, when he will formally retire from the bank.
The Reserve Bank of India has approved Furtado's appointment as interim chief executive officer, according to The Economic Times. The appointment is for three months or until a new MD takes charge, whichever is earlier. Free Press Journal reported that Furtado's appointment took effect on September 1, 2026, but remains subject to RBI approval.
Nautiyal's Tenure and Departure
Nautiyal, a former managing director of State Bank of India, took charge of Ujjivan on July 1, 2024, for a three-year term. His departure comes just over a year into that tenure. The board acknowledged his leadership and contribution during his tenure of more than two years, noting that the bank made considerable progress under him, including growth in its secured loan book, a healthier deposit franchise, stronger digital and analytical capabilities, and improvements in risk management and internal controls.
The RBI in April returned the bank's application to become a universal bank, asking it to diversify its business further, as reported by The Economic Times.
Carol Furtado's Interim Appointment
Furtado has more than three decades of banking experience spanning business, strategy, operations, people management and institutional functions. She is part of the leadership team that helped establish and develop Ujjivan. In her current role as executive director and whole-time director, she has contributed to business growth, transformation and organisational development.
The board approved her appointment following a recommendation from the Nomination and Remuneration Committee.
At an analyst call arranged after the board meeting, Furtado said, "We remain confident about business continuity." A bank official also said on the call, "We would like to make better succession planning in the future."
Search for a Permanent Successor
The bank said it would begin identifying a permanent successor to Nautiyal and submit its recommendation to the RBI in due course. The lender said its leadership-development initiatives and succession-planning framework would help maintain smooth operational continuity during the transition.
Shares of Ujjivan Small Finance Bank fell 5.4% on Tuesday to Rs 65.40 on the BSE as investors sold the stock following the development, according to The Economic Times.