The CFO of OakNorth Bank plc is to retire.
Rajesh Gupta has informed the board of his intention to retire as CFO and executive director. He will continue to perform his duties until a successor has joined ‘in the next 12 months’.
Launched in September 2015, the digital bank is focused on serving and empowering lower-mid-market businesses – with $1m-$100m in turnover – that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, OakNorth has provided around $16bn to these businesses across a wide range of sectors, achieving performance metrics that it says places it amongst the top 1% of commercial banks globally.
The board has started a search for a successor and will provide an update when this process has concluded.
“Rajesh has played a pivotal role in OakNorth’s journey and success, and will continue to be a core part of our executive team until his retirement,” said CEO Rishi Khosla.
“His leadership and contributions have been invaluable, guiding the business with financial stewardship and helping to shape its future. We are commencing the search for his successor but in the meantime look forward to continuing to deliver on our success with Rajesh.”
OakNorth says its loans have directly contributed to the creation of 47,000 jobs and over 29,000 new homes across the UK and the US – the majority of which are affordable and social housing.
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