Adding another name to the list of top bankers who will leave their office in a span of few months, the tenure of YES Bank managing director (MD) and chief executive officer (CEO) Rana Kapoor will end in January next year, the company said in a filing with the Bombay Stock Exchange, on Wednesday.
“The Board of Directors of the Bank are scheduled to meet on September 25, 2018 to decide on the future course of action,” the company said. The country’s fourth largest private lender was notified by the Reserve Bank of India (RBI) that Kapoor’s term was extended till January, 2019.
In August, the company had said that the RBI had approved Kapoor’s term as MD and CEO but only “until further notice”. The bank board had approved another three-year term for Kapoor.
A note by ratings agency Phillip Capital, from earlier today said, “In case it is not extended, there will be void at the top, which will take some time to fill.”
Earlier this month, Axis Bank announced that Amitabh Chaudhry, CEO of HDFC Standard Life Insurance, will succeed managing director and CEO Shikha Sharma, whose term ends in December. Last month, Paresh Sukthankar, the deputy managing director at HDFC Bank, who has been with India’s largest private sector bank by market value since its inception in 1994, resigned from his position.
A banker of almost 40 years, Rana Kapoor founded Yes Bank in 2003 with Ashok Kapur and Harkirat Singh, his colleagues from Rabo India Finance. The three had set up the India arm of Dutch lender Rabobank. Kapoor continues to a promoter of the bank and holds a 4.34% stake in his personal capacity at the end of June 2018.