Ujjivan Small Finance Bank CEO Sanjeev Nautiyal steps down for health reasons; Carol Furtado interim CEO

Mumbai: Ujjivan Small Finance Bank’s Managing Director and Chief Executive Officer Sanjeev Nautiyal has opted for early retirement due to health issues, prompting the lender to appoint Executive Director Carol Furtado as acting MD and CEO.Furtado’s appointment took effect on September 1, 2026, but remains subject to approval from the Reserve Bank of India, an exchange filing said.Nautiyal ceases as MD and CEONautiyal submitted his early-retirement request by email on August 31, giving the bank three months’ notice. The board approved his request, citing his health concerns.He ceased to be MD, CEO and key managerial personnel from September 1. He will remain on leave until his notice period expires on November 30, when he will retire from the bank.The board acknowledged Nautiyal’s leadership and contribution during his tenure of more than two years.It said the bank made considerable progress under him, including growth in its secured loan book, a healthier deposit franchise, stronger digital and analytical capabilities, and improvements in risk management and internal controls.Carol Furtado takes interim chargeFurtado has more than three decades of banking experience spanning business, strategy, operations, people management and institutional functions. Ujjivan Small Finance Bank Q4 profit falls 7% to Rs 126.5 crShe is part of the leadership team that helped establish and develop Ujjivan. In her current role as executive director and whole-time director, she has contributed to business growth, transformation and organisational development.The board approved her appointment following a recommendation from the Nomination and Remuneration Committee.Search for permanent successor beginsUjjivan Small Finance Bank said it would begin identifying a permanent successor to Nautiyal. Its recommendation will be submitted to the RBI in due course. Ujjivan Small Finance Bank shares tumble nearly 19% as MD, CEO Nitin Chugh resignsThe lender said its leadership-development initiatives and succession-planning framework would help maintain smooth operational continuity during the transition.The board also expressed confidence in the leadership team’s ability to manage requirements, successfully navigate challenges and support the bank’s future growth. Disclaimer: This article is based on Ujjivan Small Finance Bank’s exchange filing and is intended solely for informational purposes, not investment advice.

Ujjivan Small Finance Bank's MD and CEO has resigned citing health reasons. The board accepted the early retirement and appointed Carol Furtado as interim head. The bank will now begin searching for a permanent successor to Nautiyal. Nautiyal ceased his role as MD and CEO from September 1. The bank's share price saw a decline following this leadership change.