PNB Housing Finance to consider external, internal candidates for MD & CEO

PNB Housing Finance explores internal and external candidates for MD&CEO following Girish Kousgi's resignation. Jatul Anand, newly appointed Executive Director, is in the running for the role

PNB Housing Finance is considering both internal and external candidates for the post of managing director (MD) and chief executive officer (CEO), with Jatul Anand, who was recently elevated to the post of executive director, also in  the race, the firm said in an analyst call on Monday.

 

This comes after the incumbent MD & CEO Girish Kousgi resigned last week. His resignation is effective October 28.

 

If the company is unable to appoint a new MD & CEO by the end of October, Anand will assume the role in the interim, until a new appointment is made.

 

Shares of the lender closed 3.64 per cent down on the BSE at ₹778.65 apiece on Monday. 

 

“The NRC (Nomination and Remuneration Committee) has already initiated a search process to identify a suitable successor. We will search for that candidate, internal, external, whatever may be the thing. In the interim, we have appointed Jatul Anand as the executive director and assuming there is a gap between October 28, 2025, when Girish finishes the 90-day notice period, which is given, and the new incumbent joining in, Jatul will hold charge in the interim time,” the management said.

 

The board recently approved Anand as the executive director (ED) and overall in-charge of ‘Prime and Emerging’ Business (sales, credit, product and collections), who was prior a function head.

 

The board approved Kousgi’s resignation as MD & CEO on July 31, 2025, which will become effective from October 28, 2025, a year before his tenure ended. He took charge in October 2022. 

 

The management also said that the changes in the senior management level will not bring any change to the strategic vision of the company.

 

It has guided for nearly 18 per cent growth in loan book in the financial year 2026 (FY26) led by retail book. The management has set a target of ₹9,500 crore for the affordable segment by FY26 and ₹15,000 crore by FY27.

 

The company has set a margin target of 3.6-3.7 per cent in the current year.

 

In Q1FY26, the retail loan asset of the company increased 18 per cent year-on-year (Y-o-Y) to ₹76,923 crore

with 143 per cent Y-o-Y increase in affordable housing segment to ₹5744 crore and 20 per cent growth Y-o-Y in emerging market segments to ₹22,701 crore. The retail loan asset of the company stood at ₹53,123 crore in October-December quarter of FY23 (Q3FY23).