Mumbai: Yes Bank on Thursday said the final recommendation for the company’s Managing Director and Chief Executive will be submitted to the Reserve Bank of India (RBI) post its Board meeting on January 9, 2019.
“The ‘Search and Selection Committee’ (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India (RBI),” the company said in a statement after its Board meeting on Thursday.
“The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by 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 January 9, 2019.”
The SSC has been set up to find a successor to the company’s MD and CEO Rana Kapoor.
The committee has been mandated to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI’s final approval.
In October, RBI had reaffirmed that a successor to Yes Bank’s MD and CEO Kapoor should be appointed by February 1, 2019.
In another key development on Thursday, the lender said its Nomination and 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”.
Last month, the bank’s non-executive independent part-time Chairman Ashok Chawla had resigned.