Board to meet 12-13 Dec 2018
The recent resignation by YES Bank board members bear no impact on the new the selection process of Managing Director and Chief Executive Officer for the bank, ranked fourth largest in India.
The new MD&CEO selection process is on track, as per committed timelines, said YES Bank in a statement on 20 Nov 2018.
The Search & Selection Committee and the Nomination & Remuneration Committee is scheduled to convene on 12 December 2018 to discuss the final shortlist for new MD&CEO appointment.
Pursuant to this meeting, the Board of Directors is scheduled to convene on 13 December 2018.
The Board will discuss, inter-alia, and take suitable actions on:
• Two replacement Independent Directors as per the provisions of the Companies Act, 2013 and Banking Regulation Act, 1949;
• Shortlisting of Director with Information Technology & Cyber Security Expertise (as a replacement of Rentala Chandrashekhar);
• Evaluate new Chairman for approval by Reserve Bank of India;
• To seek review from the SSC on the progress of selection of candidates for the post of MD&CEO.
Three Board Members – Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar – have resigned.
The Board now consists of 7 Board Members with the addition of one Board Member Uttam Prakash Agarwal concurrently.
All the 7 Board Members are fully committed to discharging their duties on the Board, as also enabling YES BANK to manage and emerge from the current transition period. fiinews.com
