P.J. Nayak re-appointed as CMD of UTI Bank

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.