Yes Bank board meet: Private lender says on track to find new CEO within RBI deadline; shares fall 6%

By: |
Published: December 13, 2018 4:12:35 PM

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.

yes bankNew 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.

Also read: Share market live updates: Sensex up 200 pts, Nifty above 10,800; PC Jeweller rockets 14%

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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition