Yes Bank board to finalise CEO candidate at January 9 meeting

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Yes Bank board to finalise CEO candidate at January 9 meeting

Yes Bank  will decide on the successor of founder Rana Kapoor at its board meeting on January 9, the private sector lender said Thursday. After the meeting, the bank will send the name of the candidate to the Reserve Bank of India.

Sources told Moneycontrol that while the search and selection committee had shortlisted names for the post of the chief executive, it was decided to have a detailed look into the candidate profiles. “It is a healthy mix of internal and external candidates. Now, we will interact with the candidates to get a better picture of their fit,” said a source.

Rana Kapoor’s tenure ends on January 31, 2019.

The bank, in a statement, said that they are ‘on track’ to complete the process on time. Human resource consulting firm Korn Ferry is assisting the bank in the selection of the new chief executive officer.

Rana Kapoor’s to continue till January end

Despite approving Yes Bank’s request to let Rana Kapoor continue as Managing Director and CEO in August, the Reserve Bank of India (RBI) on September 17 cut his term down to the end of January 2019.

On September 25, Yes Bank board requested more time from RBI to allow Kapoor to remain as the chief executive officer and managing director until a minimum of April 30, 2019 and thereafter extend to September 30, 2019. But this request was rejected by RBI.

New board members

In a statement to the exchanges, Yes Bank said that their Nomination & Remuneration Committee (N&RC) and board have finalised the recommendation for Non-Executive Part-Time chairman position. The candidate’s name will be sent to the Reserve Bank of India.

In November, Independent Directors R Chandrashekhar and Vasant Gujarathi, and Non-Executive Chairman Ashok Chawla, resigned from the private lender’s board of directors.

The board on December 3 approved the appointment of TS Vijayan as an Additional Director (Independent) with immediate effect, and his appointment as Independent Director for a period of five years.

The bank said that with Vijayan and another additional independent director Uttam Prakash Agarwal on the board, the number of members on the board stands at eight. There is one more vacancy and the bank said that the nomination and remuneration committee has also evaluated profiles for additional directors especially with information technology expertise, to lead their IT Strategy Committee.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2018-12-14 12:12:30

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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