PremiumVasudevan will continue as the managing director and CEO till the board identifies his successor. Meanwhile, the board would be forming a searching committee to undertake the process of finding his replacement, the bank said in a notice to stock exchanges
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The founder and chief executive officer of Equitas Small Finance Bank, P.N. Vasudevan, informed the lender’s board on Thursday about his decision to step down to pursue philanthropic activities.
Vasudevan will continue as the managing director and CEO till the board identifies his successor. Meanwhile, the board would be forming a searching committee to undertake the process of finding his replacement, the bank said in a notice to stock exchanges.
“He wants to pursue a distinct set of goals, which he believes, will help him contribute further back to society, more than what he is doing now," read the notice.
In his resignation letter to the board attached along with the release, Vasudevan said that he would be pursuing charity work under Varshini Illam Trust, a public charitable trust created by him and his wife.
“We in our family have been discussing for some time now about carrying out multiple interventions through our Trust to do our bit to society. We realize this would require a large corpus to be created as possible so that the Trust would be assured of steady revenues to carry out its activities sustainably and on a scale," the letter read. “Unfortunately, our shareholding in Equitas is too small to create a large enough corpus to be able to create meaningful and long-term impact, and I need to do something to create this," it said.
Vasudevan started Equitas Microfinance in 2007, which was later converted into a small finance bank in 2016. He explained that the decision to step down was taken after looking at the bank’s stable performance and strong management team.
“We started Equitas in 2007 with the passion for creating the most fair and transparent organization for all its stakeholders...I am proud to say that we have created an organization where fairness is a value which has seeped right to the last employee in the bank. Our Governance standards are a benchmark, and I am confident in saying that every one of our stakeholders rates us very high on governance,“ Vasudevan said in his resignation letter.
“On performance, our bank has had its share of uneven financial results due to two events in the last five years viz. demonetization (impacting microfinance in a few states) and covid," he added.