After months of speculations, Yes Bank has finally appointed its new CEO. Ravneet Gill of Deutsche Bank India is set to replace Rana Kapoor as the next Yes Bank Managing Director and CEO, the statement released by the bank said today. The private bank began the process of shortlisting the names of potential candidates to succeed Rana Kapoor. Kapoor is set to demit office by month-end.
The bank kept the name of the probable candidates under wraps. The bank did not disclose the names of the shortlisted candidates for the top post.
The move comes after the Reserve Bank of India asked the private sector lender to find the replacement of Kapoor. "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 had said in first week of January. It had further said that as mandated under the extant RBI norms, the board will submit an application to the central bank, seeking approval for the appointment of the new MD and CEO. In the recent past, 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.
Earlier, the bank had appointed Brahm Dutt as non-executive part-time chairman to the board. "The Reserve Bank of India, pursuant to the provisions of the Banking Regulation Act, 1949, and basis Mr Brahm Dutt's outstanding credentials and experience, has approved his appointment...up till July 4, 2020," Yes Bank said in a regulatory filing. Dutt has been on the board of the bank since July 2013 as an independent director, and has contributed to almost all the sub-committees of the board over the past 5.5 years, it added. He is currently also the Chair of the Nomination and Remuneration Committee.
(With agency inputs)