Mumbai: Yes Bank on Wednesday said it has finalised the names of potential candidates to succeed MD and CEO Rana Kapoor, who is to demit office by month-end. The bank, however, did not disclose the names of the shortlisted candidates for the top post, it said in a filing to the stock exchanges. The Reserve Bank of India (RBI) has asked the private sector lender to find replacement of Kapoor, who will continue as the MD and CEO till January 31.
“Pursuant to the recommendations of Search & Selection Committee (S&SC) and Nomination and Remuneration Committee (NRC), the Board of Directors of the bank at its meeting on Wednesday has finalised names of potential candidates for the position of MD and CEO,” Yes Bank added. It further said as mandated under the extant RBI norms, the board will submit an application to the central bank on Thursday, seeking approval for the appointment of the new MD and CEO.
According to sources at least three potential CEO candidates will be sent to the RBI. These include both internal and external candidates, sources added. While Rajat Monga, executive director at Yes Bank, is widely seen as the internal choice, the external candidates could include the likes of Rajesh Sud, the former MD of Max Life. While the private sector lender did not disclose the names of potential candidates, it said after RBI’s approval, it will duly make the requisite disclosures to the stock exchanges. Yes Bank has seen a spate of resignations, including that of Chairman Ashok Chawla. According to sources, Chawla resigned as controversy erupted over his continuation on the board even after his name appeared in a CBI charge sheet in the Aircel-Maxis case.
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