YES Bank board to appoint director Ajai Sharma as interim CEO

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YES BankPrivate lender YES Bank’s board is planning to appoint non-independent Director Ajai Sharma as bank’s interim Chief Executive Officer (CEO) until Deutsche Bank India chief Ravneet Gill takes charge in March 2019.

The lender’s current CEO Rana Kapoor will step down from his position on Thursday. Kapoor’s exit proposed by the Reserve Bank of India (RBI) has exit has also opened doors for a reconciliation between the two promoter groups.

Rana Kapoor and his sister-in-law Madhu Kapur have deiced to nominate one representative director each on the lender’s board, said the bank in its official communiqué.

In its statement, the bank cleared and recommended the name of a senior board member of the bank to the central bank, in a bid to temporarily hold the office of the Managing Director and CEO an interim special duty officer.

 “The senior official will hold the position as ‘board director on interim special duty (MD & CEO’s responsibilities)’ from February 1, 2019 till such date Gill assumes office in March, 2019,” it said.

“Madhu Kapur group and Rana Kapoor group have agreed to nominate one representative director each on the bank’s board, subject to the completion of the necessary documentation,” Yes Bank said in a regulatory filing.

Both the directors are most likely to be named at the next scheduled board meeting in April 2019.

“This is intended to ensure better coordination and support by the two promoter groups with the new MD & CEO and the board of directors of the bank,” it added.

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