Ashok Chawla quits as YES Bank Chairman

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Ashok Chawla has resigned from the position of non-executive Chairman of YES Bank with immediate effect, said the private lender on Wednesday. In addition, bank’s Independent Director Vasant Gujarathi too has submitted his resignation with immediate effect citing some personal commitments.

YES BankYes Bank announces that Shri Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention,” said the bank in its regulatory filing.

The lender confirmed that the appointment of a new chairman in “due course” after Reserve Bank of India’s approval. Prior to joining the bank, Chawla was appointed as Finance Secretary and he has also worked with Competition Commission of India as its chairman.

Further, the lender okayed the appointment of Uttam Prakash Agarwal as an additional director (Independent) for a period of five years. The Central Bank has already directed the private sector bank to find a replacement of founder MD and CEO by January 31.

Last month, YES Bank had said the panel searching for a successor to MD and CEO Rana Kapoor and the finalised potential candidate profile.

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