Gupta’s term will end on May 4, 2020 The board has initiated a process to find a new MD and CEO.

Sanjaya Gupta has stepped down from his role as the managing director and CEO of PNB Housing Finance, the company said in a BSE filing.

Gupta’s term will end on May 4, 2020 The board has initiated a process to find a new MD and CEO. During the search period, it has appointed Neeraj Vyas, who until now was an Independent Director of PNB Housing Finance, to assume the role of interim MD and CEO until a successor is appointed.

Vyas joined the company’s board after retiring from his position as deputy managing director and chief operating officer (COO) of State Bank of India (SBI). Prior to that he held key senior positions at SBI including heading the team that led the conceptualization, planning and execution of the merger of five associate banks of SBI as well as Bharatiya Mahila Bank into SBI.

Mallikarjuna Rao, chairman of the board, PNB Housing Finance, said, “PNB, the promoter of PNB Housing Finance has committed its ongoing support to the company and the management team to ensure the longterm growth of the Company. We won’t go below 26 per cent.”

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