Ajai Shukla, the Chief Business Officer at Tata Capital Housing Finance, is said to have emerged as the frontrunner for the role of Managing Director and Chief Executive Officer at PNB Housing Finance, according to people familiar with the development.
The selection process is understood to be in its final stages, with the Reserve Bank of India (RBI) having shared its consent for Shukla’s appointment, sources have told Moneycontrol.
An official announcement is expected shortly, it is learnt.
The top position at PNB Housing Finance has been vacant since October 28, after the resignation of former MD and CEO Girish Kousgi, who had stepped down on August 1 citing career aspirations outside the organization. Kousgi recently joined IIFL Home Finance.
Emails sent to Tata Capital Housing Finance and PNB Housing Finance seeking comments on the development remained unanswered till the time of publishing of this story.
The search process for PNB Housing’s CEO role is said to have been a long drawn one.
“There were many interested candidates from across NBFCs who showed interest, but it wasn’t easy to identify a clear successor to Kousgi,” said one person aware of the process. “For many with the background of working with private equity led NBFCs, making a shift to a bank-led housing arm was not an east choice to make.”
A seasoned financial services professional, Shukla has held multiple leadership roles across Tata Capital and its housing finance arm.
At Tata Capital Housing Finance, Shukla currently oversees business strategy and growth initiatives as Chief Business Officer. Through his career, Ajai Shukla has also served as Chief Credit Officer – Credit, Technical and Digital, and headed the mortgage business spanning home loans, loan against property (LAP), and affordable housing segments.
PNB Housing Finance, a subsidiary of Punjab National Bank, has reported steady business growth in recent quarters. During the July-September quarter, the company’s net profit rose 23.8 percent year-on-year and 9 percent sequentially to Rs 582 crore, supported by robust disbursements and improving asset quality.
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