Rana Kapoor eyes Yes Bank's non-executive chairman post after stepping down as CEO on 31 January

Yes Bank said its board on 13 December will recommend names for a new chairman to be approved by the RBI as well as consider the appointment of independent directors.

FP Staff November 29, 2018 17:40:41 IST
Rana Kapoor eyes Yes Bank's non-executive chairman post after stepping down as CEO on 31 January

Yes Bank's outgoing Managing Director (MD) and Cheif Executive Officer (CEO) Rana Kapoor is reportedly eyeing the lender's non-executive chairman post following his step down from the current position on 31 January, a media report said.

Citing a document, Mint reported that if "Kapoor’s appointment as a director on the bank’s board is approved by the Reserve Bank of India (RBI) and shareholders of Yes Bank, he will be either the non-executive chairman or managing director and chief executive or a non-executive director."

On Wednesday, Yes Bank said its board on 13 December will recommend names for a new chairman to be approved by the RBI as well as consider the appointment of independent directors.

The private sector lender, which is grappling with governance as well as NPA issues, has seen resignations of three independent directors, including Chairman Ashok Chawla.

Rana Kapoor eyes Yes Banks nonexecutive chairman post after stepping down as CEO on 31 January

A file photo of Yes Bank MD & CEO Rana Kapoor. AFP

In a regulatory filing, the bank said its Nomination & Remuneration Committee (N&RC) of the board and the board of directors are scheduled to meet on 13 December.

During the meetings, they would consider proposals for appointment of independent directors and also recommend name(s) of the new chairman for approval of the RBI, it added.

Yes Bank also reiterated that it is on track to find a successor to Kapoor and said the resignations of the three board members will have no impact on the succession plan.

Chairman Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar have quit the bank on various reasons including on governance issues.

On Tuesday, it was reported that the sparring promoters of Yes Bank are inching towards a truce, but there was no clarity over the exact status of the talks with one camp claiming it's at an advanced stage and the other being not on the same page.

The Rana Kapoor camp says settlement talks are at an "advanced stage" with the draft consent terms under discussion which speaks of recognising both the groups as "equals", while the Madhu Kapur family maintaining that the "discussions are still on".

Rana Kapoor and the entities linked to his family own 10.7 percent in the fifth largest private sector bank, while Madhu Kapur, the widow of the founder chairman and the victim of the 26/11 terror attack Ashok Kapur, owns 9.8 percent.

With inputs from PTI

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