Vijayan, Bhatt in panel to select Yes Bank chief executive

Mumbai: Yes Bank Ltd on Friday appointed the former chairman of the Insurance Regulatory and Development Authority (IRDAI), T.S. Vijayan, and the former chairman of State Bank of India, O.P. Bhatt, as the two external experts in its search and selection committee to shortlist a successor to the current managing director and chief executive officer of the bank, Rana Kapoor.

The bank’s search and selection panel will comprise five members, which will include three internal members, Brahm Dutt, Lt General Mukesh Sabharwal (Retd) and Subhash Chander Kalia, the bank said in an exchange filing, following a meeting of its nomination and remuneration committee and an approval of the bank’s board on Friday.

While Dutt and Sabharwal are independent directors, Kalia is the bank’s non-executive non-independent director.

On Friday, the bank said it has also invited proposals from global leadership advisory firms specializing in BFSI (banking, financial services and insurance) to assist the search panel to find Kapoor’s successor. The first meeting of the search committee is to be held on 11 October 2018 for finalization of the advisory firm, the bank said.

Friday’s move follows a 1 October announcement by the bank that a search and selection committee will be appointed within a week to find a successor to Kapoor.

The Reserve Bank of India (RBI) had on 17 September rejected the Yes Bank board’s request for a three-year extension for Kapoor till 31 August 2021. The board met on 25 September stating that it will ask RBI to grant an extension of eight months for Kapoor and the bank’s board will appoint a search and selection committee with two external members to find a suitable successor.