Jignesh Shah on 20 November 2014 resigned as the Managing Director (MD) and Chief Executive Officer (CEO) of Financial Technologies (India) Ltd (FTIL). The decision was taken at the Board meeting of FTIL where the board was reconstituted.
Jignesh Shah handed over the position of CEO and MD of the company to Prashant Desai. With this, Jignesh Shah will no longer hold any executive or managerial position. However, he continues to hold 45 percent stake in FTIL.
The re-constituted board of 12 members will have five non-executive and independent directors, four Executive Directors and three non-Executive Directors.
The company also expanded its Board by hiring Nisha Dutt, a Silicon Valley veteran; Sunil Shah, founder of Gujarat Innovation Society and Miten Mehta, a Kellogg’s product.
The company also announced appointment of two executive directors (EDs) Jigish Sonagra as Director, new ventures and Rajendra Mehta as Director of member technologies.
The board unanimously approved establishment of JS Digital Innovator Award to honour the contribution of Jignesh Shah.
Financial Technologies (India) Ltd (FTIL)
Financial Technologies (India) Ltd (FTIL) is a global leader in creating and operating technology-centric, next-generation financial markets that are transparent, efficient and liquid, across multi asset classes, including equities, commodities, currencies and bonds.
Founded by Jignesh Shah, the Financial Technologies group began its operations in 1988. FTIL is the only company to set up 6 exchanges connecting fast-growing economies of Africa, Middle East, India and South East Asia.
Who: Jignesh Shah
When: 20 November 2014
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