INSUBCONTINENT EXCLUSIVE:
Private sector lender Yes Bank has named former IRDA chief TS Vijayan and former SBI chief OP Bhatt as external members in the search
committee to find a new CEO
The five-member panel will also consist of board members Brahm Dutt, Lt Gen (Retd) Mukesh Sabharwal and SC Kalia, the bank said in a
regulatory filing on Friday
The MD selection panel will hold its first meeting on October 11
Vijayan and Bhatt will be the external experts on the panel, which had to be specially constituted after the Reserve Bank of India
curtailed Kapoor's term as the managing director and chief executive by over two years.
The Yes Bank board had formed a five-member panel
including two members from outside the bank to find a successor to founder CEO Rana Kapoor
Vijayan was a career LIC hand who rose to be the chairman of the life insurance behemoth and served as the chief of Irdai
three-year term ended on August 31, following which the RBI granted him an extension until further notice initially
Later, it extended his tenure till January 31
This is perhaps the first time when a bank, perceived to be promoter-driven, will lose its original promoter having control over operations
Kapoor is the second private sector bank head after Axis Bank's Shikha Sharma to see a curtailment of term.
Earlier on August 31, Yes Bank
central bank.
In 2004, Rana Kapoor and Ashok Kapur founded the bank, which had a stellar stock-market debut
Yes Bank shares have surged 25.5 times in about 13 years generating 28 per cent CAGR returns, show data from Bloomberg
From Rs 12.5 in June 2005, its shares have climbed to Rs 318.50 apiece.
During the same period, BSE Bankex expanded 630 per cent , falling
The bank is one of the constituents of BSE Bankex, the broader industry index.
About three years ago, the bank witnessed a bitter board-room
Kapur was killed in a terror attack in Mumbai.
(Inputs from PTI)
