“The Nomination & Remuneration Committee and the Board of Directors of the Bank (Board) at their respective meetings held today has accepted the said resignation and shall relieve him from his duties in the capacity of Executive Director with immediate effect from the close of business hours on December 06, 2023.”
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IDFC FIRST Bank said that its Executive Director Madhivanan Balakrishnan has tendered his resignation, with effect from December 06, 2023. In addition, it added, Madhivanan Balakrishnan will cease to be SMP of the Bank w.e.f. December 15, 2023.
“The Nomination & Remuneration Committee and the Board of Directors of the Bank (Board) at their respective meetings held today has accepted the said resignation and shall relieve him from his duties in the capacity of Executive Director with immediate effect from the close of business hours on December 06, 2023. He continues to serve the Bank for necessary handovers until December 15, 2023,” the bank said in a regulatory filing on Wednesday.
Due to this, IDFC FIRST Bank said tha there will be certain changes in the Senior Management Personnel (SMP), with nine existing personnel of the Bank ceasing to be SMP.
The Board conveyed its “sincere gratitude and appreciation for the valuable contributions” made by Madhivanan Balakrishnan during his 4 years of association with the Bank since 2019.
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It further informed that the Board discussed that the Bank would evaluate a suitable internal candidate to be appointed as the Whole time Director (Executive Director) of the Bank.
In his resignation letter, Madhivanan Balakrishnan said, “I have been with the Bank for 4 years since 2019 and have enjoyed every day since. During this period, the Bank has progressed very well, and it is amazing to see the transformation of the Bank into a strong institution with stable and diversified income streams and high asset quality.”
“I am also happy that the Bank is also highly profitable now with a Profit After Tax (PAT) of over Rs 2,400 in FY23. I feel privileged that I could play a role in the progress of the Bank, and I am thankful for the opportunity,” he added.
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Madhivanan Balakrishnan said that he has come across an opportunity in the healthcare sector which, he added, fits with his long-term family plans. “Further, I would like to share that I am in my mid-fifties, and this is the stage when my children are going overseas for education, and with upcoming life-stage expenses of children. The opportunity I am exploring has higher compensation which would be useful for me in this life stage,” he said.
