News: O.P. Bhatt resigns as expert of CEO search & selection panel at Yes Bank

Leadership

O.P. Bhatt resigns as expert of CEO search & selection panel at Yes Bank

Bhatt, who was an external expert on the Search and Selection Committee resigned with immediate effect.
O.P. Bhatt resigns as expert of CEO search & selection panel at Yes Bank

Former SBI Chairman OP Bhatt has resigned from the panel set up by Yes Bank to find a successor to its MD and CEO Rana Kapoor, the private sector bank said.

Bhatt, who was an external expert on the Search and Selection Committee (S&SC), resigned with "immediate effect" as "there may be a potential conflict of interest", the bank added.

The committee is headed by independent director Brahm Dutt. Other members include Lt General Mukesh Sabharwal (Retd), independent director; Subhash Chander Kalia, non-executive non-independent director; and TS Vijayan, former chairman of IRDAI and Life Insurance Corporation of India. Yes Bank aims to find a successor for Rana Kapoor by the January 31 deadline given by the Reserve Bank of India.

The nomination and remuneration committee of the bank has accepted the resignation.

Bhatt’s resignation comes just a day after Yes Bank's non-executive chairman Ashok Chawla had resigned as his name came up in a CBI charge sheet filed in the Aircel-Maxis case. While his resignation comes after the corruption charges against him, Chawla attributed personal reasons for his resignation. Chawla’s resignation has been accepted by the bank as a good corporate governance move.

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Topics: Leadership, #Movements

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