Financial Services News

Govt extends tenure of Bank of Baroda MD and CEO Sanjiv Chadha by 5 months

The Centre has extended the tenure of managing director (MD) and CEO of Bank of Baroda (BoB) Sanjiv Chadha for about five months till 30 June, 2023. The order comes ahead of his three-year tenure that ends on 19 January.

“The Central Government vide its notification 4/4/2021-BO.I dated 16.01.2023 has extended the term of office of Shri Sanjiv Chadha (date of birth: 25.6.1963) as Managing Director and Chief Executive Officer (MD&CEO), Bank of Baroda for a further period beyond his currently notified period of appointment of three years that expires on 19.01.2023, till the date of his superannuation i.e. 30.06.2023, or until further orders, whichever is earlier,” the the state-owned bank said in a regulatory filing.

The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for extending the term of Chadha till 30 June, 2023, when he attains 60 years, the retirement age.

Meanwhile, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Saturday recommended elevation of Executive Director (ED) Debadatta Chand as managing director of Bank of Baroda.

Besides, the Bureau recommended Union Bank of India ED Rajneesh Karnatak for the position of MD & CEO in Bank of India.

The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

The Bureau in November last year suggested the name of K Satyanarayana Raju for the position of MD and CEO of Canara Bank. Raju is currently Executive Director with the bank. Raju is likely to be replaced by H S Ahluwalia, a general manager in Indian Bank.

FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.

Shares of Bank of Baroda Ltd closed 0.49% higher at 185.80 apiece on the NSE on Monday.

With agency inputs


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