In a board meeting today, Yes Bank has decided to request the Reserve Bank of India for an extension on Rana Kapoor's term as the CEO and MD. In the meeting, the board has formed a research panel to find the new MD and CEO.
The board of directors announced a five-member committee to identify a new managing director and CEO as a successor.
In a stock exchange filing the bank said “It was decided that Reserve Bank of India be requested for an extension up to minimum April 30, 2019, for finalization of audited financial statements for fiscal year ending 2019; thereafter subject to RBI approval, up to September 30, 2019, in order for the statutory AGM process to be completed.”
The board also said that to establish a long-term succession plan within Yes Bank, they appointed two Senior Presidents Rajat Monga and Pralay Mondal, as executive directors of the bank. Both the positions are subject to RBIs approval.