IndusInd Bank board finalises new MD & CEO; name to be disclosed later1 min read . Updated: 31 Oct 2019, 08:36 PM IST
- In an exchange filing, the bank said it has submitted an application to the Reserve Bank of India seeking approval for appointing the new CEO
- The bank also added that it will disclose the name of the new CEO to exchanges after getting approval from the RBI
MUMBAI : IndusInd Bank board in a meeting on Wednesday finalized a potential candidate for the position of managing director & chief executive officer after Romesh Sobti's term comes to an end in March 2020.
In an exchange filing, the bank said it has submitted an application to the Reserve Bank of India seeking approval for appointing the new CEO. The bank also added that it will disclose the name of the new CEO to exchanges after getting approval from the RBI.
On October 10 Economic Times had reported that the bank is likely to name it's consumer banking head Sumant Kathpalia as the new CEO.
A chartered accountant by qualification, Kathpalia has been with the bank since 2008. Before joining IndusInd Bank, he led the consumer banking business of ABN AMRO. He has also worked with Citibank and Bank of America.
Earlier this month Sobti had said that the decision will be made "well in time" as the succession planning has been going on since the past few years. He was hoping that RBI will extend the age limit for managing directors of private sector banks from 70 to 75 years, giving him additional time to continue in the bank. Under the companies Act, registered companies can have chief executives who are over 70 years of age by passing a special resolution.
With the central bank turning down the request, Sobti will have to step down after having served as the bank"s CEO since FY08.