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Ujjivan Financial Services board appoints Sanjeev Barnwal as CEO

Ujjivan Financial Services board appoints Sanjeev Barnwal as CEO

Barnwal to continue to be the company secretary and key managerial personnel. The position was left vacant after Carol Furtado resigned to take up a larger role at Ujjivan Small Finance Bank

A file photo of Ujjivan Small Finance Bank. Carol Furtado was appointed as an Officer on Special Duty (OSD) of Ujjivan Small Finance Bank after the resignation of Nitin Chugh. A file photo of Ujjivan Small Finance Bank. Carol Furtado was appointed as an Officer on Special Duty (OSD) of Ujjivan Small Finance Bank after the resignation of Nitin Chugh.

Ujjivan Financial Services Ltd board of directors today unanimously approved the appointment of Sanjeev Barnwal as the Chief Executive Officer (CEO), effective from September 10. The position was left vacant after Carol Furtado, who was appointed as the CEO on August 13, resigned effective from August 25 to take up a  larger role at Ujjivan Small Finance Bank Limited.

Carol Furtado was appointed as an Officer on Special Duty (OSD) of Ujjivan Small Finance Bank, with effect from August 26, 2021, after the resignation of Nitin Chugh, Managing Director and CEO of the Bank. Nitin Chugh resigned from the position of Managing Director and CEO of Ujjivan Small Finance Bank on August 19.

Bengaluru-headquartered Ujjivan Small Finance Bank has witnessed a large-scale exodus of its directors, with as many as eight board members including its MD& CEO Nitin Chugh, making a hasty exit in the last 10 months.

Ujjivan, in a statement to the stock exchanges, said Barnwal will continue to be the company secretary (CS) and key managerial personnel. Barnwal is a qualified company secretary from the Institute of Company  Secretaries of India and holds a Bachelor's degree in law and a diploma in business management.

He also received the NSE's certification in financial markets (NCFM) for the compliance officer (corporate) module. Barnwal has corporate experience of over 17 years. Before joining Ujjivan, he worked with SMC Capitals  Limited as associate vice-president and company secretary.

He has been a senior team member of the company for over seven years. As per the bank, he has played pivotal roles in several key milestones, including private equity raise, IPO and listing, banking licence application and processing, formation of the subsidiary, restructuring through slump sale and listing of the bank.

"His corporate and investment banking experience plus his active interactions with the regulators, stock exchanges, investors, investment bankers, legal counsels, auditors and long association with Ujjivan will continue to add value in his larger role and responsibility as the CEO of the company," the Ujjivan statement said.

Ujjivan Financial Services stock closed at Rs 157.45, up Rs 14.30 or 9.99 per cent, compared to the previous session close of Rs 143.15 on the NSE.

Also read: Ujjivan Small Finance Bank appoints Carol Furtado as OSD after Nitin Chugh's resignation

Also read: Eight board members of troubled Ujjivan Small Finance Bank leave in 9 months

Also Read: Nitin Chugh resigns as Ujjivan Small Finance Bank MD, CEO; cites ‘personal reasons’