YES Bank has roped in Los Angeles-based advisory firm, Korn Ferry to assist the bank’s committee in its selection of the new MD & CEO. The move comes as current MD & CEO Rana Kapoor’s term was cut short by the Reserve Bank of India (RBI).
Last month, the bank had requested the central bank for an extension of Kapoor's term as MD & CEO, which led to the bank being accused of not having a proper succession plan in place. In the meeting, the board formed a research panel to find the new MD and CEO. To establish a long-term succession plan within YES Bank, two Senior Presidents Rajat Monga and Pralay Mondal, were appointed as executive directors of the bank. Both the positions are subject to RBI’s approval.
Meanwhile, the advisory firm was appointed in a meeting held yesterday. The bank had invited a proposal from four global leadership advisory firms specializing in the banking and finance sector to assist its five-member expert committee in identifying a new chief executive. The meeting was attended by all members of the “Search and Selection” committee, the bank informed in a filing to the exchanges.