New CEO Will Be Appointed Before RBI Deadline, Says Yes Bank
The bank also said it has finalised a candidate for the position of chairman and would be seeking approval from RBI
Private sector lender Yes Bank on Thursday, 13 December, said that the new MD and CEO will be selected before the Reserve Bank of India (RBI) deadline expires.
In an official statement, Yes Bank stated, “Final recommendation for MD & CEO will be submitted to the RBI by the Board of Directors post their next meeting scheduled on 9 January 2019.”
The bank also said it has finalised a candidate for the position of chairman and would be seeking approval from the RBI
"The bank's Nomination & Remuneration Committee (N&RC) and board of directors have finalised the recommendation for non-executive part-time Chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India," the statement said.
The RBI in October refused – for a second time – to give incumbent CEO Rana Kapoor an extension to his term, prompting a flurry of departures from the bank’s board. The bank has also seen its stock nearly halving in value since RBI first cut short Kapoor’s term in September.
Following the last meeting of the N&RC, two newly-appointed additional directors (independent) T S Vijayan and Uttam Prakash Agarwal attended their first board meeting Thursday.
The board strength now stands restored at eight members with only one vacancy, the filing said.
(With inputs from PTI)
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