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15th of October 2018

Economy



YES Bank appoints advisory firm Korn ferry to find Rana Kapoor's successor

Private lender YES Bank announced that Los Angeles-based advisory firm, Korn Ferry will assist the bank’s committee in its selection of the new MD & CEO. The bank had announced that it would find a successor to MD & CEO Rana Kapoor whose term was cut short by the Reserve Bank of India (RBI).

The adivsory firm was appointed in a meeting held on Thursday. The meeting was attended by all members of the “Search and Selection” committee, said the bank in a filing to the exchanges.

Earlier, the bank had appointed two external members to the committee — namely T S Vijayan, former Chairman of Insurance Regulatory Authority of India (Irdai) and Life Insurance Corporation(LIC) and O P Bhatt, ex-Chairman Managing Director(CMD), State Bank of India. The committee also comprises three existing board members of Nomination & Remuneration Committee — Brahm Dutt, Chairman and Independent Director, Mukesh Sabharwal, Independent Director and Subhash Kalia, Non-Executive Non-Independent Director in addition to the two external experts.

On September 25, the bank had announced plans to ask the central bank for an extension of Kapoor’s term as MD & CEO, which led to the bank being accused of not having a proper succession plan in place.

The bank will have to send at least three candidates to Reserve Bank of India(RBI), which would ideally be a combination of internal and external candidates, said Rajat Monga, Senior Group President, YES Bank while addressing an analysts call earlier this month.

The bank had promoted two senior leaders, Monga and Pralay Mondal as executive directors for “long-term succession planning” in September, subject to RBI approval.

The bank’s stock closed at Rs 240 on BSE, up by 2.54 per cent from previous close.

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