OP Bhatt, former State Bank of India (SBI) Chairman has resigned from the panel formed by private lender YES Bank for selecting a successor of its Managing Director and Chief Executive Officer Rana Kapoor.
Bhatt, who was appointed as the external expert on the Search and Selection Committee (S&SC), resigned with “immediate effect” as “there may be a potential conflict of interest”, said the bank.
This was second major change at the executive level as the bank’s non-executive chairman Ashok Chawla had quit as his name figured in a CBI chargesheet filed in the Aircel-Maxis case.
The Nomination and 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 lender added that the in the wake of the significant progress made by the S&SC with the support of Korn Ferry over the past three meetings (most recent being held on November 13) in its mandate to select a suitable successor to Kapoor, the NRC will continue with the existing members to complete the process as per the timeline notified to Reserve Bank of India (RBI).
The RBI had directed the bank to find a replacement for its founder MD and CEO by January 31.
Last month, YES Bank had said the search panel had already finalised the potential candidate profile.