PNB Housing Finance's MD and CEO Girish Kousgi has tendered his resignation after a three-year stint to pursue opportunities outside the company, with his last day being October 28, the company informed in an exchange filing.
One of the brokerage notes cited the development as negative, given his role in the transformation of PNB Housing Finance and scaling new businesses and improving asset quality. During his tenure, Kousgi drove innovation and strategic evolution, and aligned the company with customer-centric solutions. The board appreciated Kousgi's leadership and mentorship through his tenure and wished him best for his future endeavours.
The MD and CEO submitted his resignation on July 30, which was accepted by the board on July 31. Kousgi will also step down from the boards of PHFL Home Loans and PEHEL Foundation, both subsidiaries of PNB Housing Finance.
Brokerages also noted that only recently, the head of PNB Housing's newly-launched affordable housing business head too had resigned.
Shares of PNB Housing Finance marginally ended lower on July 31, however, in the last one month, the HFC's shares are down over 11 percent.
During the earnings call after the June quarter results, Kousgi had said that PNB Housing Finance is confident to achieve a higher NIM guidance of 3.7% as against the previously stated range of 3.6–3.65%, with affordable and emerging segments driving the margins.
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