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With a flux in its top leadership, the board of Yes Bank will meet next month to take stock of all vacancies for independent directors and its next Managing Director and CEO even as efforts are on between the two promoter groups to resolve mutual differences.
The Search and Selection Committee and the Nomination and Remuneration Committee of Yes Bank will meet on December 12, 2018 to discuss the final shortlist for its new Managing Director and CEO.
The board of directors of the private sector lender is then scheduled to meet on December 13 for a review of the search committee’s progress in the selection of candidates for the post of MD & CEO. It will also evaluate the new non-executive Chairman for approval by the Reserve Bank of India after Ashok Chawla quit.
“The board will discuss and take suitable actions on two replacement Independent Directors, shortlisting of Director with Information Technology and Cyber Security Expertise (as a replacement of Rentala Chandrashekhar),” Yes Bank said in a statement.
It further said that recent resignations will have no impact on the new MD and CEO selection process. Therefore, the new MD and CEO selection process is on track, as per committed timelines.
Commenting on reports that the two promoter groups of the bank — Rana Kapoor and Madhu Kapur and family are trying to resolve mutual differences — Yes Bank said, “This is intended to ensure better support and coordination by the two promoter groups with the board of directors.”
Over the last one week, three board members of Yes Bank including Chawla, Vasant Gujarathi and Chandrashekhar have resigned while Uttam Prakash Agarwal has been appointed as an Independent Director.
“The board now consists of seven members who are fully committed to discharging their duties, enabling Yes Bank to manage and emerge from the current transition period,” it said.
Shares of Yes Bank gained 1.95 per cent on BSE in intra-day trade on Wednesday.
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