Yes Bank forms search panel for new CEO, asks extension for Rana Kapoor

Chennai: Yes Bank has formed a five member panel including two members from outside the bank in a bid to find a successor to founder CEO Rana Kapoor. The Yes Bank board has asked for an extension for Rana Kapoor’s tenure as Reserve Bank of India (RBI) cut short his tenure until January 31, 2019.

Image source- PTI

In a press release sent to the exchanges late on Tuesday evening, Yes Bank said that the “search and selection committee” would comprise of three members of the bank’s nomination and remuneration committee and also two external members, which the bank did not specify.

Image source- Mint

However, the board has requested the Reserve Bank of India (RBI) to grant an extension to Kapoor up to September 2019 for finalisation of audited financial statements for fiscal year ending March, 2019 and in order for the statutory Annual General Meeting (AGM) process to be completed.

Image source- Shashi Ashiwal

The board has also recommended the promotion of senior group presidents Rajat Monga and Pralay Mondal as executive directors, to ensure a long term succession plan within Yes Bank, and given the demonstrated track record of these two senior leaders. All this will be subject to RBI approval.

(Source- IANS)