Yes Bank To Seek RBI's Approval To Extend CEO Rana Kapoor's Term Till September 2019
The board of private sector lender Yes Bank Ltd has decided to seek Reserve Bank of India (RBI)'s approval for an extension of Rana Kapoor's term up to September 30, 2019 as the bank's managing director (MD) and chief executive officer (CEO. In a regulatory filing issued today, Yes Bank said it would seek RBI's nod for the extension, arguing that it needs more time to identify and groom a successor. The period will be crucial to identify and enable a new incumbent to get fully conversant with Yes Bank and its working, said the lender.
"The board has decided that RBI be requested for extension of Kapoor up to minimum April 30, 2019 for finalization of audited financial statements for fiscal year ending 2019; there after subject to RBI approval, up to September 30, 2019 in order for the statutory AGM (Annual General Meeting) process to be completed", Yes Bank said in the regulatory filing.
The company also said it would form a committee to help search for its next chief executive officer. Yes Bank further said that it has also decided to seek RBI's approval for appointment of Rajat Monga (current Senior Group President) and Pralay Monday (current Senior Group President) as Executive Directors in order to ensure a long term succession plan within Yes Bank.
In a letter last week, RBI had said that Kapoor's term as MD and CEO of Yes Bank would only extend up to January 31, 2019, and asked the board to find a replacement. (With agencies inputs)
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