HT Business: January 25, 2019
New Delhi: Yes Bank said on Thursday that it got the RBI’s approval to name Ravneet Singh Gill as its new managing director and chief executive officer. Gill of Deutsche Bank India will succeed Rana Kapoor.
In early January, Yes bank informed stock exchanges that it has shortlisted the names of potential candidates to succeed Kapoor, who is to demit office by month-end. The bank, however, did not disclose the names of the shortlisted candidates for the top post.
The Reserve Bank of India has asked the private sector lender to find replacement of Kapoor, who will continue as the MD and CEO till January 31.
“Pursuant to the recommendations of the Search & Selection Committee and the Nomination and Remuneration Committee, the Board of Directors of the bank has finalised names of potential candidates for the position of MD and CEO,” Yes Bank had said.
The private sector bank also posted a 7 percent fall in third-quarter net profit as it set aside higher provisions.
Net profit fell to 10.02 billion rupees ($140.73 million) in the three months to December 31 from 10.77 billion rupees a year earlier. That missed analysts’ average estimate of 10.60 billion rupees, according to I/B/E/S data from Refinitiv.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.