O P Bhatt resigns from Yes Bank's CEO search panel set up to find successor to Rana Kapoor

Former SBI chairman O P Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor, the private sector bank said on Thursday

Press Trust of India November 16, 2018 12:58:39 IST
O P Bhatt resigns from Yes Bank's CEO search panel set up to find successor to Rana Kapoor

Mumbai: Former SBI chairman O P Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor, the private sector bank said on Thursday.

Bhatt, who was an external expert on the Search and Selection Committee (S&SC), resigned with "immediate effect" as "there may be a potential conflict of interest", the bank added.

O P Bhatt resigns from Yes Banks CEO search panel set up to find successor to Rana Kapoor

Representational image. Reuters

Bhatt is under CBI's scanner in connection with loans given to the now defunct Kingfisher Airlines, promoted by fugitive liquor baron Vijay Mallya.

On Tuesday, Yes Bank's non-executive chairman Ashok Chawla had resigned as his name figured in a CBI chargesheet filed in the Aircel-Maxis case.

"The Nomination & Remuneration Committee ('NRC') of the Bank while accepting Mr Bhatt's resignation has recognised his guidance and inputs during his association with the S&SC as an External Expert," Yes Bank said.

The bank further said that given the significant progress made by the S&SC with the support of Korn Ferry over the past three meetings (most recent being held on 13 November) in its mandate to identify a suitable successor to Kapoor, the NRC has decided to continue with the existing members to complete the process as per the timeline communicated by RBI.

The Reserve Bank has asked the private sector lender to find a replacement for its founder MD and CEO by 31 January.

Last month, Yes Bank had said the search panel had finalised the potential candidate profile.

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