PNB Housing Finance Ltd. said its Managing Director and Chief Executive Officer Hardayal Prasad resigned, citing personal reasons.

Prasad’s tenure will cease on the close of business hours today, the mortgage lender said in a stock exchange announcement. He, however, will continue as an advisor to the company to ensure a smooth transition, it added.

PNB Housing said Girish Kousgi will join as the new MD & CEO of the company with effect from 21 October. Kousgi has over 25 years of experience in mortgage and retail lending businesses, it added.

Most recently, Kousgi served as the MD & CEO of Can Fin Homes Ltd. Previously, he has worked in senior leadership roles at HDFC Ltd., ICICI Bank, IDFC First Bank and Tata Capital.