Private lender YES Bank has appointed in advisory firm Korn Ferry to find Rana Kapoor replacement. The move comes in the wake of the Reserve Bank of India (RBI) order on cutting short Rana Kapoor’s term as current MD & CEO.
The lender has roped in Los Angeles-based advisory firm, Korn Ferry to offer assistance the bank’s committee in naming the new MD & CEO.
Last month, the bank requested RBI for an extension of Kapoor’s term as MD & CEO due to which it was accused of not having a proper succession plan in place.
In reaction to this, the board formed a new research panel to find out the new MD and CEO. For establishing a long-term succession plan within YES Bank, two Senior Presidents Rajat Monga and Pralay Mondal, were also recruited as executive directors of the bank. Both the positions are waiting to receive RBI’s approval.
Meanwhile, the bank formed the advisory firm after a meeting held yesterday. It invited a proposal from four global leadership advisory firms who have specialisation in the banking and finance sector to offer assistance its five-member expert committee in identifying a new chief executive. The meeting registered the presence of all members of the “Search and Selection” committee, informed the bank in a filing to the exchanges.
