Yes Bank board meeting: Candidate for chairman post finalised, name to be sent to RBI for approval, says private lender

Mumbai: Yes Bank on Thursday said it has finalised a candidate for the position of chairman and would be seeking approval from the Reserve Bank of India. The move was necessitated following the resignation of Ashok Chawla from the post last month. The bank, however, did not disclose the candidate’s name. On the appointment of new MD and CEO, the bank said the ‘Search & Selection Committee’ (SSC) and the board are “on track” to complete the process within the stipulated timeline given by the RBI. The recommendation in this regard will be submitted to the RBI post 9 January, 2019, it added.

In September, the RBI decided against extending Rana Kapoor’s term as MD and CEO beyond 31 January, 2019 and asked the bank to find a replacement. “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,” Yes Bank said in a regulatory filing. On the appointment of new MD and CEO, the bank said the SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by consulting firm Korn Ferry post their comprehensive interviews and assessment. “The SSC will now engage with the candidates over the next few days for finalisation. The final recommendation will be submitted to the RBI by the Board of Directors post their next meeting scheduled on 9 January, 2019,” it added. 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. It further said the N&RC has also evaluated profiles for additional directors, especially with information technology expertise, to lead the bank’s IT Strategy Committee. The N&RC will finalise the same shortly, after requisite due diligence, Yes Bank said. Yes Bank’s scrip ended 6.48 percent lower at Rs 174.70 on BSE.