SBI Card MD and CEO Tewari resigns; appointed as SBI MD

SBI Card on Wednesday said its Managing Director and CEO Ashwini Kumar Tewari has resigned pursuant to his appointment as MD of State Bank of India.

"We wish to inform that Ashwini Kumar Tewari, Managing Director & CEO (nominated by State Bank of India) of the company has tendered his resignation from directorship of the company with effect from the close of business hours of January 27, 2020," SBI Card said in a regulatory filing.

The resignation is owing to his appointment as managing director of State Bank of India (SBI), it said.

"He will also cease to be the MD&CEO of the company from the said date," said the pure-play card company promoted by the country's largest lender SBI.

Further, pursuant to norms to prohibit insider trading and consequent to Tewari's resignation, the company's trading window for dealing in securities will remain closed from the close of business hours on Wednesday and will end 48 hours after the conclusion of the board meeting in which the said vacancy will be filled and consequent disclosure will be made to the stock exchanges.

Tewari took over as SBI Card managing director and chief executive officer on August 1, 2020.

Prior to taking charge at SBI Card, since April 2017, Tewari held the position of country head of US operations at SBI, based in New York. He also served as vice chairman of the SBI (California) board of directors.