PNB Housing Finance shares extend losses after CEO exit; key management changes announced

In an attempt to steady the operations and reassure stakeholders, PNB Housing Finance has announced a series of key senior-level appointments. The company named Jatul Anand, previously a function head, as Executive Director, and Valli Sekar as Chief Business Officer – Affordable Business, both appointments effective from August 2.

Anand will oversee the ‘prime and emerging’ business, managing end-to-end functions across sales, credit, product, and collections. Meanwhile, Sekar will head the affordable housing segment, handling the same core verticals within that business line. These appointments signal an immediate realignment of responsibilities as the company enters a transition phase.

Despite the leadership changes, the company emphasized that its strategic priorities, business focus, and long-term growth trajectory remain unchanged, underpinned by the strong foundation laid during Kousgi’s leadership. It added that Kousgi would continue to collaborate with the board and senior management to ensure a seamless transition before officially stepping down.

Kousgi’s exit comes amid a broader churn in the company’s leadership ranks. In July, two other senior executives — Dilip Vaitheeswaran, Chief Sales Officer, and Anujai Saxena, Business Head for the affordable segment — also resigned. The cluster of high-profile exits has raised investor concerns over continuity and operational stability, triggering volatility in the stock.

The board has initiated a search for a seasoned professional with deep industry expertise to fill the CEO position. Until then, the onus of driving business momentum will lie with the newly elevated leaders and the remaining management team.

As of 10:13 am, PNB Housing Finance shares traded 3.63% lower at ₹778.70, underperforming the BSE500 index which was up 0.3%.