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Carol Furtado emerges as top candidate for Ujiivan Bank’s interim CEO


Ujjivan Small Finance Bank is likely to select Carol Furtado, an old timer at the organisation, as the interim chief executive officer after Nitin Chugh‘s exit and till the bank finds a new incumbent for the position.

She would initially be designated as an officer on special duty to manage day-to-day affairs of the bank as Chugh will be out of regular action following his resignation citing personal reasons. Chugh will officially remain the CEO till September 30.

“We are trying to identify a candidate internally who can manage the day to day operation till Nitin leaves. Carol Furtado is the top candidate,” Ujjivan founder Samit Ghosh told investors on Friday morning.

The bank board will meet on August 25 to decide on the same.

“She has a very strong ground and people connect. She has also managed asset quality issues at the bank earlier,” said Ghosh, who joined the bank as an additional director on Friday as part of a board level restructuring.

Ghosh said that the high attrition at every level is a prime concern and is creating difficulty in asset quality management. “We need to stop this. We would also need to bring in more transparency in asset quality management. We need to be more proactive and not move to-and-pro in this aspect,” he said.

Ghosh will be the common member on both the bank and its holding company

‘s boards.

“It’s a difficult time for the bank. In the next three-four months, we will try to bring stability at the board and the management levels,” Ghosh said.



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