MUMBAI: PNB Housing Finance, the third-largest housing finance company in India, has shortlisted four candidates for the role of managing director and CEO. Ajai Shukla, chief business officer at Tata Capital Housing Finance, is reportedly the leading candidate, according to sources familiar with the situation.
The other contenders include Jatul Anand, executive director at PNB Housing Finance; Sachinder Bhinder, MD & CEO of Aavas Financiers; and Rajan Suri, chief business officer at Aditya Birla Housing Finance. These names have been submitted to the Reserve Bank of India (RBI) and the National Housing Bank (NHB) for consideration, as regulatory approval is needed for the appointment due to potential breaches of the 30% board representation rule.
Classified as an upper-layer housing finance company, this will mark PNB Housing Finance’s fourth leadership transition in six years.
In an email response, the company stated, “Regulatory approvals for the appointment of a new managing director and chief executive officer are currently underway. Necessary disclosures will be made in accordance with regulatory requirements.” Meanwhile, Jatul Anand remains at the helm of the management team under the guidance of the board, led by D Surendran, a nominee director from Punjab National Bank.
Ajai Shukla and Sachinder Bhinder did not respond to RealtyDailyNews’s inquiries. Rajan Suri expressed he was unaware of any such developments.
Since the departure of Sanjaya Gupta, who led the company for over ten years, PNB Housing Finance has experienced several leadership changes, including Girish Kousgi’s resignation after a three-year tenure as MD & CEO effective October 28, who has since joined IIFL Home Finance.
According to Pranav Gundlapalle, head of India financials at Bernstein, “The application process has recently concluded and an update is expected soon.” Over 90 days have passed since the CEO’s resignation, and management has yet to provide a specific update on the new CEO appointment.
The nomination and remuneration committee (NRC) initiated the CEO selection process, assessing both internal and external candidates. The executive search firm Egon Zehnder was engaged to aid in shortlisting candidates, and the open advertisement for the top position garnered more than 240 applications.
