Hardayal Prasad quits as PNB Housing Finance MD, Girish Kousgi to replace him

PNB Housing Finance’s managing director Hardayal Prasad has resigned from his role, citing personal reasons. He is being replaced by Girish Kousgi, who has been the managing director and chief executive officer of Can Fin Homes.

Kousgi’s appointment is subject to the approval of shareholders, PNB Housing Finance said in a statement.

A veteran of 25 years of mortgage and retail lending experience, Kousgi was managing director Can Fin Homes prior to joining PNB Housing.

Prasad, who put in his papers on Thursday, has agreed to work as an advisor to PNB Housing Finance.

His tenure as MD had seen many twists and turns. The lender failed to raise equity capital even after private equity firm Carlyle’s announced to raise a majority stake in the company. Carlyle Group, which holds about 32% in the housing finance company, had to drop its capital infusion plan due to regulatory and legal hurdles.

Meanwhile, Can Fin Homes said it is in the process of recruiting a new CEO from the market. The company has asked deputy managing director Amitabh Chatterjee to manage the affairs of the company in the interim period.