PNB Housing Finance announces Managing Director and Chief Executive Officer Transition

PNB Housing Finance Limited ('PNBHF') announces that Mr. Hardayal Prasad has resigned from his role as Managing Director and Chief Executive Officer of PNBHF citing personal reasons. Mr. Prasad's tenure as PNBHF's Managing Director and Chief Executive Officer shall cease on the close of business hours of 20 October 2022. He has agreed to continue as an advisor to the Company to ensure a smooth transition.

Mr. Girish Kousgi, who has over 25 years of extensive experience in mortgage and retail lending businesses, will join as the new Managing Director and Chief Executive Officer of PNBHF, effective 21 October 2022. Mr. Kousgi in his last role served as the MD & CEO of Can Fin Homes Ltd. Previously, he has worked in senior leadership roles at HDFC Ltd., ICICI Bank, IDFC First Bank and Tata Capital.

Commenting on the management change, MD and CEO of Punjab National Bank ('PNB') and PNB's nominee director on the board of PNBHF, said: "On behalf of the Board, I would like to welcome Mr. Girish Kousgi as MD & CEO of PNB Housing Finance Limited. His extensive experience, operational expertise and past track record will be beneficial in the next phase of the Company's journey. I would also like to acknowledge the contributions of Mr. Hardayal Prasad over the past two years at PNBHF."

Mr. Girish Kousgi said: "PNBHF is an excellent well-respected housing finance company which has earned the trust of its customers across the country and is uniquely positioned to seize market opportunities in the salaried, non-salaried and affordable housing mortgage business. The Company has a strong management team and I look forward to working closely with the key stakeholders including the management team and the board."

Mr. Hardayal Prasad commented: "It has been an honor to work with everyone at PNB Housing Finance Limited over the last two years and to serve as MD and CEO. I am confident that the Board, management, and newly appointed MD and CEO will be able to lead the Company to greater heights during the next phase of its growth. I will continue as an advisor to ensure a smooth transition."

Shares of PNB Housing Finance Limited was last trading in BSE at Rs. 444.10 as compared to the previous close of Rs. 425.35. The total number of shares traded during the day was 210212 in over 6540 trades.

The stock hit an intraday high of Rs. 446.90 and intraday low of 417.05. The net turnover during the day was Rs. 91731201.00.

Source : Equity Bulls

Keywords

PNBHousingFinance INE572E01012 MD CEO Transition