The Hindu Business Line : Development Credit Bank CEO resigns

Mangalore, Nov. 1 The Managing Director and Chief Executive Officer of Development Credit Bank (DCB), Mr Gautam Vir, has put in his papers. The bank informed the stock exchanges on Saturday that Mr Gautam Vir, Managing Director and CEO, upon his request, will be relinquishing office as MD and CEO from January 15, 2009.

The bank informed the exchanges that every effort would be made to identify a replacement at the earliest. “In order to ensure that effective day-to-day management of the bank’s operation and activities are in no way compromised or adversely affected as a result of the MD’s impending departure from the bank, the board has resolved at its meeting held earlier today to empower the existing Executive Committee of the bank comprising Mr Nasser Munjee, Chairman of the Board, Mr S. Nayyar, Chairman of the Executive Committee, and Mr S. Kassam, Director, to oversee the day-to-day operations of the bank until a suitable replacement for Mr Vir as MD and CEO is recruited,” the bank said.

In a statement released to the media, Mr Nasser Munjee, Chairman of DCB, said: “We regret to announce that Mr Gautam Vir, MD and CEO, DCB, has resigned from the bank, and the Board has accepted the resignation. This is effective January 15, 2009. Gautam has expressed his desire to be relieved of his responsibilities, and we wish him all the best.

Leading transformation

“After three years at the helm, Mr Vir, ably supported by a very talented team, brought about a turnaround in the bank. Gautam led the bank’s transformation from an old generation bank to a modern private sector bank with a strong vision and strategic direction. He implemented various new initiatives with the same passion and vigour which was seen during the bank’s hugely successful IPO. The board greatly acknowledges Mr Vir’s commitment and contribution that has brought about a radical change in DCB.

“These are difficult times. The Indian economy and the banking sector in particular are going through turmoil. At DCB, the focus will remain on growing the business, cost rationalisation and enhancing shareholder value. Employees and customers are the two important facets of our bank and enablers of growth. We will be implementing a lot of new, exciting products to suit our customer requirements,” the statement said.

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