Yes Bank board to share names for new chairman with RBI on December 13

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Yes Bank’s board that is planning to meet on December 13 will be submitting the shortlisted names for the selection of its new chairman to the Reserve Bank of India (RBI).

YES BankDuring the meet, the board will most likely consider the appointment of the independent directors as well.

Three independent directors, including Chairman Ashok Chawla have recently resigned from YES Bank. In a regulatory filing the private lender has informed that its’ Nomination & Remuneration Committee (N&RC) of the board and the board of directors are scheduled to meet on December 13.

They said that they are going to consider the proposals for the appointment of independent directors and also recommend name(s) of the new chairman for approval of the RBI. It added that it on track to select a successor to Managing Director and Chief Executive Officer Rana 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 submitted their resignations citing various reasons including on governance issues.

The bank recently inducted Uttam Prakash Agarwal in its board taking the current strength to seven members.

Yes Bank’s Search & Selection Committee (SSC) and the N&RC are all set to meet on December 12 to discuss the final shortlist for new MD and CEO appointment.

The RBI had decided to cut short the extension of Rana Kapoor as the MD and CEO beyond January 31, 2019 and directed the bank to look for a replacement.

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