<p>SBI Cards and Payment Services (SBI Card) on Thursday said its MD & CEO Hardayal Prasad has resigned pursuant to voluntary retirement from SBI--the promoter of the company.</p>.<p>"We wish to inform that the Board of Directors of the company at its meeting held on Wednesday, July 15, 2020 approved resignation of Hardayal Prasad, Managing Director & CEO (nominated by State Bank of India) of the company who has tendered his resignation from directorship of the company," SBI Card said in a regulatory filing.</p>.<p>He took over as MD&CEO of SBI Card in February 2018.</p>.<p>Prasad's resignation comes into effect from the close of business hours of July 31, 2020, owing to his voluntary retirement from SBI , it said.</p>.<p>"He will also cease to be the MD &CEO of the company from the said date," SBI Card added.</p>.<p>The board also appointed Ashwini Kumar Tewari as Managing Director & CEO (nominated by SBI) of the company with effect from August 1, 2020 for a period of two years, the filing said.</p>.<p>Tewari's appointment is subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting.</p>.<p>"This is to further confirm that Tewari is not related to any of the directors of the company," SBI Card added.</p>.<p>Tewari, 52, is a BE degree holder from BITS Ranchi. He joined SBI as a probationary officer in August 1991.</p>.<p>He held various positions in leadership role in SBI and is currently posted in New York as the Country Head of US operations.</p>
<p>SBI Cards and Payment Services (SBI Card) on Thursday said its MD & CEO Hardayal Prasad has resigned pursuant to voluntary retirement from SBI--the promoter of the company.</p>.<p>"We wish to inform that the Board of Directors of the company at its meeting held on Wednesday, July 15, 2020 approved resignation of Hardayal Prasad, Managing Director & CEO (nominated by State Bank of India) of the company who has tendered his resignation from directorship of the company," SBI Card said in a regulatory filing.</p>.<p>He took over as MD&CEO of SBI Card in February 2018.</p>.<p>Prasad's resignation comes into effect from the close of business hours of July 31, 2020, owing to his voluntary retirement from SBI , it said.</p>.<p>"He will also cease to be the MD &CEO of the company from the said date," SBI Card added.</p>.<p>The board also appointed Ashwini Kumar Tewari as Managing Director & CEO (nominated by SBI) of the company with effect from August 1, 2020 for a period of two years, the filing said.</p>.<p>Tewari's appointment is subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting.</p>.<p>"This is to further confirm that Tewari is not related to any of the directors of the company," SBI Card added.</p>.<p>Tewari, 52, is a BE degree holder from BITS Ranchi. He joined SBI as a probationary officer in August 1991.</p>.<p>He held various positions in leadership role in SBI and is currently posted in New York as the Country Head of US operations.</p>