After announcing earlier this year that he would step down from his post, P.N. Vasudevan, founder of Equitas said on Friday that he decided to continue as managing director and chief executive officer of Equitas Small Finance Bank.
“The Board believes that continuity of management and his leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly the present ongoing process of identifying a successor to him will stand terminated,” the bank said.
In May, Vasudevan had said that he wished to move on from the bank in order to work for his trust. He had agreed to defer his resignation till the process of identifying a successor was completed.
Vasudevan’s current term as MD, CEO expires on July 22, 2023 and the board of Equitas Small Finance Bank has decided to renew his term for a further period of 3 years with effect from July 23, subject to approval from the Reserve Bank of India, the lender said.
“I am happy to withdraw my desire expressed earlier to step down from the Bank. I remain committed as ever to pursue our mission of creating the most valuable bank for all its stakeholders through happy employees,” Vasudevan said in a letter to the chairman.
“I look forward to continued guidance and support from you and the Board on this mission. On the issue of generating corpus for the Trust, as discussed, we would, at family level, and subject to such regulations as may be in force, explore ways of sustaining and growing the activities of the Trust,” he said.