SBI Cards & Payment Services appoints Ashwini Tewari as MD & CEO; stock gains 2%

The company has nominated Ashwini Kumar Tewari as the new MD & CEO, starting August 1, for a period of two years.

Jul 16, 2020 01:07 IST India Infoline News Service

SBI Cards
SBI Cards and Payment Services Ltd has nominated Ashwini Kumar Tewari as the new MD & CEO, starting August 1, 2020, for a period of two years.

In an exchange filing, the company said that it has appointed Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the Company with effect from August 1, 2020, for a period of two years, subject to all the requisite approvals including the approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the Directors of the Company.

The stock is currently trading at Rs704.05, up by Rs12.15 or 1.76% from its previous closing of Rs691.90 on the BSE.

Further, the company said in the filing that Hardayal Prasad, Managing Director & CEO (nominated by State Bank of India) of the Company who has tendered his resignation from directorship of the Company with effect from the close of business hours of July 31, 2020, owing to his Voluntary retirement from the State Bank of India. He will also cease to be the MD &CEO of the company from the said date, it added.

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