PNB Housing mgmt sees no major impact on business after MD Kousgi's exit
This story was originally published at 09:05 IST on 4 August 2025
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By Shubham Rana and Simran Rede
NEW DELHI – PNB Housing Finance Ltd. does not see any major impact on the business from the resignation of the Managing Director and Chief Executive Officer Girish Kousgi, the company's management said Monday. The nomination and remuneration committee is looking for Kousgi's replacement, the management said in a conference call with investors.
The company Thursday said Kousgi has resigned as the managing director and chief executive officer to pursue opportunities outside. Kousgi will leave the company after Oct. 28. At the call, Kousgi said his decision to leave PNB Housing was entirely independent and because he received a "new wonderful opportunity".
PNB Housing's shares fell 18% Friday to end at INR 808.45 on National Stock Exchange. PNB Housing reported an over 21% rise in its net profit for the June quarter to INR 5.32 billion. The housing finance company's bottom line was aided by a robust rise in interest income.
The housing finance company has since promoted two senior executives to help steer the business. PNB Housing has appointed Function Head Jatul Anand as an executive director and Function Head Valli Sekar as Chief Business Officer – Affordable Business. Anand will head the 'Prime and Emerging' Business, while Sekar will be overall in-charge of 'Affordable Business', the company said Satuday.
Anand will also head the company in the interim period after Kousgi's exit and appointment of a new managing director, the company's management said Monday. PNB Housing also has "enough internal bench strength" to manage Kousgi' exit, the management added. The nomination and remuneration committee will consider both interal and external candidates for the position of MD, CEO, the management said.
The management said PNB Housing is unlikely to change its strategy after the appointment of a new MD. "The board is always open to changes in the sector and market. As of now, board is not looking at any change in strategy," the management said. End
Edited by Akul Nishant Akhoury
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