The much-awaited Yes Bank board meeting ended with the board seeking the extension of CEO and MD Rana Kapoor beyond January 31, 2019.
The much-awaited Yes Bank board meeting ended with the board seeking the extension of CEO and MD Rana Kapoor beyond January 31, 2019. The bank board met on Tuesday to decide the “future course of action” after the central bank refused to give Kapoor a three-year extension on his term.
Kapoor has been the founding CEO of the bank since its inception in 2002. Yes Bank board members are seeking more time for Rana Kapoor to ensure a smooth transition. Meanwhile, the bank has also established a search and selection committee to find a successor of Kapoor.
“It was decided that the Reserve Bank of India be requested for an extension up to minimum April 30, 2019, for finalization of audited financial statements for fiscal year ending 2019; thereafter subject to RBI approval, up to September 30, 2019, in order for the statutory AGM process to be completed,” the bank said in a statement.
The bank said that this period will be able crucial to identify and enable the new CEO to get fully “conversant” with Yes Bank and it working. Yes Bank board has also decided to appoint Senior Group Presidents Rajat Monga and Pralay Mondal as Executive Directors, subject to the RBI approval.