New chief executive officer (CEO) will be appointed within the Reserve Bank of India’s (RBI’s) stipulated deadline of February 1 next year, said Yes Bank on Thursday.
New chief executive officer (CEO) will be appointed within the Reserve Bank of India’s (RBI’s) stipulated deadline of February 1 next year, said Yes Bank on Thursday. However, the private lender didn’t disclose any further details leading to its shares falling over 6%. “The ‘Search & Selection Committee’ (“SSC”) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India”, Yes Bank said in an exchange filing.
Yes Bank shares, which rose as much as 3.5 percent earlier in the session, reversed course to plunge 6.48 percent at the close of trade on Thursday.
The bank also said that the final recommendation for post of CEO will be submitted to the Central Bank after the next board meet on January 9, 2019, it further said in a statement.
“The SSC will now engage with the candidates over the next few days for finalization. The Final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019”, it said.
Furthermore, Yes Bank also said that it has finalised its recommendation for the role of a non-executive part-time chairman, which has been vacant since Ashok Chawla stepped down in November, and that it would ‘promptly’ seek approvals from the RBI.