He cited personal reasons for the decision.
Professor Nanda has a PhD in Business Economics (Harvard), AM in Economics (Harvard), PGDM in Management (IIM Ahmedabad), and B.Tech. in Electrical Engineering (IIT Delhi).
A letter written by Professor Nanda to the IIM Ahmedabad community reads:
"These past three and a half years, I have woken up every day feeling fortunate to be working for an institution that has contributed tremendously to me. I feel privileged to have followed in the footsteps of people I greatly admire, to have had the opportunity to lead the Institute at a crucial time in its trajectory, and to have contributed to the best of my ability to its continuing success.
I believe we are at a point when there is alignment among various constituencies of the Institute as to the direction we ought to follow and considerable momentum along the path that we are following. We have a committed and enthusiastic chairman providing vision and guidance, a wise and engaged board, faculty that is productive and energized, staff that is loyal and devoted, brilliant and hardworking students, a diaspora of alumni committed to the Institute's long term success, governmental support for operating autonomously to achieve our dreams, and industry that respects and values the Institute. This is as good a time as any for leadership transition at the Institute. Thus, I have requested IIMA Chairman Mr. Birla that I step aside from the position of director, and he has graciously acceded to my request.
Professionally, I have enjoyed the experience immensely and I have learned a lot. However, personally, living a long distance from my wife and son has been a challenge. When I joined, I had committed to serving at most one term. On September 1, it will be four years, to the day, since I took charge. It is a good time to step aside and to hand over the responsibility and honor of leading the Institute to the next, fortunate person. I will hand over responsibilities of director at the end of that day.
Of course, my heart is always with IIMA. I am always available to help the Institute in any way that I can. And I will contribute to effect a smooth transition.
I am grateful to Mr. Naik, Mr. Patel, and Mr. Birla for their unstinted support and guidance, to the board members for their selfless contribution and prudent counsel, to the faculty for their dedication and effort, to the alumni for their avowed affection and engagement, to the staff for their fidelity and goodwill, and to the students for their dreams and their dedication. But I couldn't have had this extraordinary adventure without the love of my wife, who, despite the distance we have lived apart, has been a partner with me in this journey every step of the way, the blessings of my parents, and the affection of my son".
Kumar Mangalam Birla, Chairman, IIMA Board of Governors expressed his gratitude for Professor Nanda's outstanding contribution to IIMA.
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