The board of directors of Dewan Housing Finance Corporation Ltd (DHFL) on Saturday approved the appointment of Vaijinath M. Gavarshetty as the Chief Executive Officer and key managerial personnel of the company with effect from October 1, 2019.

The CEO's position at the financially stressed DHFL been vacant ever since Harshil Mehta resigned in February 2019. Mehta was Whole Time Director (designated as Joint Managing Director & CEO).

Vaijinath MG, a former Chief General Manager of State Bank of India, has over 33 years of professional experience in the banking sector, in various capacities & positions, including as CGM & National Head of SBI’s Real Estate & Housing Finance Business.

Post-retirement, he has been associated as an advisor with India Mortgage Guarantee Corporation, Syndicate Bank as also Kuliza Technologies Pvt. Ltd and as a member of the Advisory Board with Pranjal International Resolutions Pvt. Ltd., Mumbai.

DHFL, in a stock exchange notice, said Vaijinath is also an Independent Director on the Board of Indbank Merchant Banking Services Ltd.