IDFC FIRST Bank said that its Executive Director Madhivanan Balakrishnan has resigned, effective December 6, 2023. Furthermore, Madhivanan Balakrishnan will step down as SMP of the Bank on December 15, 2023.
"At their respective meetings today, the Nomination & Remuneration Committee and the Board of Directors of the Bank (Board) accepted the said resignation and shall relieve him from his duties as Executive Director with immediate effect from the close of business hours on December 06, 2023." "He will continue to serve the Bank for any necessary handovers until December 15, 2023," the bank said in a regulatory filing on Wednesday.
As a result, IDFC FIRST Bank announced adjustments to its Senior Management Personnel (SMP), with nine existing bank employees no longer serving as SMP.
The Board expressed "sincere gratitude and appreciation for the valuable contributions" made by Madhivanan Balakrishnan during his four years with the Bank beginning in 2019. It went on to say that the Board considered evaluating a potential internal candidate to be nominated as the Bank's Whole Time Director (Executive Director).
Madhivanan Balakrishnan stated in his resignation letter, "I have been with the Bank for 4 years since 2019 and have enjoyed every day since." During this time, the bank has made significant progress, and it is fantastic to observe the bank's transition into a solid organisation with steady and diverse income streams and outstanding asset quality."
"I'm also pleased that the bank is now highly profitable, with a Profit After Tax (PAT) of more than Rs 2,400 in FY23." "I feel privileged to be able to contribute to the Bank's success, and I am grateful for the opportunity," he added.
Madhivanan Balakrishnan stated that he has discovered an opportunity in the healthcare sector that aligns with his long-term family objectives. "Furthermore, I'd like to share that I'm in my mid-fifties, and this is the stage when my children are going abroad for education, as well as with upcoming life-stage expenses for children. The opportunity I'm looking into has higher pay, which would be useful for me at this point in my life," he explained.
