Business

Yes Bank to name CEO after Jan. 9 board meet

Stock drops 6.5% after announcement

Yes Bank said on Thursday that the bank is expected to recommend the names of the new MD and CEO to the Reserve Bank of India for approval only after January 9, when its board will meet.

“The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019,” the bank informed the exchanges. The bank’s current MD & CEO Rana Kapoor’s term ends on January 31.

The stock, which was under pressure in the day, dropped sharply after the announcement and closed 6.5% down at ₹174.70.

Panel discusses names

The lender said the search and selection committee had ‘discussed and deliberated’ on the final short-listed external and internal candidates presented by advisory firm Korn Ferry post their interviews and assessment.

“The committee will now engage with the candidates over the next few days for finalisation,” it said.

“The final recommendation will be submitted to the RBI by the board of directors post their next meeting scheduled on January 9, 2019,” the bank informed the exchanges.

At Thursday’s board meeting, the bank finalised the candidature of part time non-executive chairman, whose name will now be sent to the RBI for approval.

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Printable version | Apr 2, 2020 4:02:20 AM | https://www.thehindu.com/business/yes-bank-to-name-ceo-after-jan-9-board-meet/article25735784.ece

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