SBI Cards and Payments Services (SBI Cards) has said its Managing Director and CEO Hardayal Prasad has quit, opting for voluntary retirement from the company. "We wish to inform that the Board of Directors of the company at its meeting held on Wednesday, July 15, 2020, approved resignation of Hardayal Prasad, Managing Director & CEO of the company who has tendered his resignation from directorship of the company," SBI Cards said in a regulatory filing.
Prasad joined SBI Cards as MD& CEO in February 2018. His tenure as CEO and MD of the company will cease on July 31. Ashwini Kumar Tiwari will replace Prasad as the MD and CEO from August 1. He has been appointed for two years.
"Appointment of Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the Company with effect from August 1, 2020, for two years, subject to all the requisite approvals including the approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the Directors of the Company," the company said.
Fifty-three-year-old Kumar has a BE degree in electrical and electronics from BITS Ranchi. He joined the bank in 1993 and is currently working as the country head of the bank's US operations in New York. He had previously worked as regional head of East Asia and held various positions in different offices of the company in India.
Meanwhile, SBI Cards shares closed 4.70 per cent or Rs 33.80 up at 753.70 from the previous day's close of Rs 719.90 on the National Stock Exchange today.
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