Ittira Davis resigns as MD and CEO of Ujjivan SFB

Ittira Davis, Managing Director and CEO of Ujjivan Small Finance Bank Limited, has resigned to take up a director’s role on the board of the company.

In a regulatory filing to exchanges, the company said: “With the resignation of Davis, company has appointed Samit Ghosh, the existing Non-Executive Chairman as MD and CEO of the company, with effect from May 1,and his appointment is to be effective only on receipt of prior approval of the shareholders by way of special resolution since he is over 70 years of age.”

The company has given the following reason for resignation of Davis: “Having regard to a few recent board-level changes in Ujjivan Small Finance Bank Limited, the NRC and the board of the company, unanimously were of the view that Ittira Davis, the existing MD and CEO, who is a veteran banker with over 40 years of banking experience and having been associated with Ujjivan since 2015, wherein he was instrumental in the formation and transition of the bank, will add further value, if appointed to the board of the bank. He meets all the criteria of our various stakeholders and is held in high esteem by the employees, investors, partners and regulators and will be able to provide guidance to the bank board and its management.”

“To facilitate the whole process and to avoid any probable conflict, Ittira Davishas decided to relinquish his existing position of the MD and CEO of UFSL to take up the Non-Executive Directorship role at the bank for which a separate disclosure will be made by the bank in due course, once his appointment is considered in its ensuing board meeting. Accordingly, the board at its meeting held today has accepted the resignation of Ittira Davis from the post of MD and CEO of the company w.e.f. today March 12(close of business hours). He has confirmed that there are no other material reasons for his resignation from the board of our company,” company’s note added.