Carol Furtado to be Ujjivan SFB’S interim CEO

Ujjivan Small Finance Bank (SFB) on Wednesday appointed Carol Furtado as the "officer on special duty (OSD)", with effect from August 26, and said she will also take over as interim CEO from September 30.

This comes after the surprise resignation of managing director (MD) and chief executive officer (CEO) Nitin Chugh, who cited personal reasons.

The decision to elevate Furtado was taken in a meeting of the board of directors on Wednesday.

In an exchange notification, the bank has said Furtado will handle the day-to-day operations of the bank and has been authorised to exercise such powers as well as perform such functions on behalf of the bank, which was granted and being exercised by Chugh. Her appointment as the interim CEO is, however, subject to the approval of the banking regulator. Furtado is currently serving as the CEO of Ujjivan Financial Services, the holding company of the bank, a post she has to resign from to be appointed as the OSD of the bank.

She had worked with foreign banks before joining Ujjivan in 2005. She was part of the bank till April 2021 as the head of operations. She has previously worked in ANZ Grindlays Bank, Bank Muscat S.A.O.G., and Centurion Bank Limited.

Chugh, who was appointed MD & CEO of the small finance bank in December 2019, resigned from his position last week, amid a sharp spike in bad assets of the lender in the quarter gone by.

The lender has seen a big churn at the top, with six board-level resignations and the chief financial officer (CFO). The CFO resigned soon after the first quarter (Q1FY22). The bank has also seen a spate of resignations at the middle level and the field staff.

Samit Ghosh, non-executive chairman, Ujjivan Financial Services, has iterated that the portfolio quality of the lender and the high level of attrition in the last six months are his two biggest concerns, which have to be addressed.

Carol Furtado had worked with foreign banks before joining Ujjivan in 2005. She was part of the bank till April 2021 as the head of operations