Former interim MD & CEO of Yes Bank Ajai Kumar quits board

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Published: June 10, 2019 6:45:06 PM

The mid-sized private lender had appointed Kumar, who had led state-run Syndicate Bank in the past, as its interim successor for a month till Ravneet Singh Gill from Deutsche Bank India took over from March 1.

MD, CEO, Yes Bank, Ajai Kumar, interim md ceo, industry news, banking finance newsFormer interim MD & CEO of Yes Bank Ajai Kumar quits board

Ajai Kumar, a non-executive director of Yes Bank who served as the bank’s interim MD and CEO for one month after Rana Kapoor’s exit, has resigned from the board due to personal reasons, the lender said Monday. The mid-sized private lender had appointed Kumar, who had led state-run Syndicate Bank in the past, as its interim successor for a month till Ravneet Singh Gill from Deutsche Bank India took over from March 1.

The Reserve Bank had last September asked Kapoor, co-founder and Managing Director and Chief Executive of Yes Bank, to leave office by January 31. “Ajai Kumar, Non-Executive (Non-Independent) Director of the Bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons,” Yes Bank said in a stock exchange filing.

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After Gill joined the bank, Kumar ceased to be an Interim MD & CEO of the bank. However, he continued as a non-executive non-independent director on the board of the bank. In recent past, the bank has seen several exits, including that of former bureaucrat Ashok Chawla as non-executive chairman of Yes Bank.

Earlier in January, Yes Bank senior group president and head – retail and business banking Pralay Mondal had tendered his resignation.
Shares of Yes Bank dropped 2.89 per cent to close at Rs 135.9 apiece on BSE Monday.

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