The board of directors of South Indian Bank on March 28 considered the request of managing director & CEO Murali Ramakrishnan to not apply for an extension of his tenure after September 30, on account of personal and family reasons, as per an exchange notice by the bank.
“This is to inform that the board of directors of the Bank, in their meeting held today, i.e., March 28, 2023, considered the request of Mr. Murali Ramakrishnan, managing director & CEO, not to offer himself for re-appointment due to personal reasons/family circumstances, on completion of his current term, i.e. up to September 30, 2023,” the notice said.
It added that the board has constituted a search committee which will identify and evaluate suitable candidates for the position of MD & CEO, it added.
Ramakrishnan was appointed as the chief of South Indian Bank in October 2020 and his term was due to end on September 30. A former ICICI Bank senior general manager, he has experience in working in both domestic and international markets, including in areas like retail, SME, corporate and project finance, apart from handling eight regulators across different markets globally, as per information on the bank’s website.
Speaking to FE, Ramakrishnan said this decision was taken “purely” on account of personal and family reasons.
“My term is till September-end and I will do whatever needs to be done to the best possible ability till the last date,” Ramakrishnan said, adding that he will continue to work with the board to find a suitable candidate for the role and that he has not immediately contemplated on his future assignments.
During the quarter ended December, South Indian Bank’s net profit stood at Rs 103 crore as against Rs 50 crore of net loss in the same period the previous fiscal. Total advances of the bank rose to Rs 70,117 crore as on December end, up 18% year-on-year. Shares of the bank ended 0.9% lower at Rs 16.54 apiece on the BSE Tuesday, the lender declared the managerial change post market hours.
