 Mumbai:
P
J Nayak has been re-appointed as the chairman and managing
director of UTI Bank. The bank''s board took this decision
on Wednesday, a week after it decided to split the post
of the CMD into the non-executive chairman and the managing
director.
UTI,
the promoter of the bank, had initiated the move to
split the top post. In the previous board meeting, Nayak
was offered the post of managing director, minus that
of the chairman, which he declined.
However,
Nayak has decided to continue only till July 2007 when
he completes 60 years of age, the regular retirement
age in UTI Bank. "This is my personal decision,"
Nayak said.
In
a notice to the stock exchange, the bank said considering
the performance of Nayak as the CMD of the bank for
the last five years since January 1, 2000, and also
taking into account the record and performance of the
bank during his tenure, he has been reappointed as the
CMD with effect from January 2005.
Surendra
Singh, director, UTI Bank, said the decision to split
the position of CMD followed recommendation from UTI-I
through a letter. It was found that the earlier decision
did not find a "uniform favour with those interested
in the bank," he told reporters after the board
meeting.
The
board''s decision reflects the government''s view, as
it has a 33 per cent stake, he said.
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