Daybreak India's only listed credit-card company is a revolving door of embattled CEOs
10 snips
Mar 25, 2025 SBI Cards is facing a tumultuous leadership landscape, with new CEO Salila Pande stepping into a challenging environment. Frequent CEO changes have led to employee dissatisfaction and instability. The company struggles with declining market performance, despite the booming credit card sector. Shifting workplace cultures and increased governance from the State Bank of India complicate matters further. The stability of the workforce hangs in the balance as the company navigates these deep-rooted issues.
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Strained Relations
- SBI Cards employees don't get along with their CEOs.
- The outgoing CEO, Abhijit Chakravorty, mocked employees about their high earnings.
Salary Disparity
- SBI Card employees often earn more than their CEOs.
- Chakravorty earned 87 lakh rupees annually, while executives made over 1 crore plus stock options.
Structural Problems
- The salary disparity is not just about ego; it's a structural issue impacting performance.
- SBI Cards' net income and market share have been declining.