Private sector lender YES Bank’s board of directors has finalised the candidate for the post of Non-Executive Part-Time Chairman, but will meet again on January 9 to shortlist the new Managing Director and CEO who will succeed Rana Kapoor.
“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 Thursday after the meeting of its board.
“The name of the candidate for Chairman will be formally announced once the requisite approval from the RBI have been received.”
Meanwhile, the Search & Selection Committee of the bank, has also shortlisted external and internal candidates, with whom it will engage over the next few days to finalise its recommendations.
“The final recommendation will be submitted to the RBI by the board of directors after their next meeting scheduled on January 9, 2019,” YES Bank said in a statement after the meeting of its board on Thursday.
The lender is, however, confident of meeting the RBI deadline well before time and appointing a new MD and CEO before Rana Kapoor steps down on January 31.
The bank’s N&RC has also evaluated profiles for Additional Directors with information technology expertise to lead the bank’s IT Strategy Committee, and will finalise the name soon.
Following the last meeting of the N&RC, two newly-appointed Additional Directors (independent) – TS Vijayan and Uttam Prakash Agarwal – attended their first board meeting on Thursday.
“The board’s strength now stands restored at eight with only one vacancy,” YES Bank said.
YES Bank shares fell 6.48 per cent and closed at ₹174.70 apiece on the BSE, though it had surged 13 per cent earlier in the day.