The board of Yes Bank on Tuesday sought the Reserve Bank of India’s approval to extend the tenure of Rana Kapoor, its current CEO and managing director, till September 30 next year while setting up a committee to identify a successor to Kapoor. Yes Bank was seeking the reappointment of Kapoor as the CEO & MD for a three-year period, starting this September. The RBI’s fiat forced the Yes Bank to rework its future plan. Thereafter subject to RBI’s approval, Kapoor be given time up to September 30, 2019 for the statutory annual general meeting (AGM) process to be completed, the bank added. According to Yes Bank, it has established a “search & selection committee”, which comprises the three existing members of the nomination & remuneration committee and two external experts to identify a new managing director & CEO.

Source: The Telegraph September 25, 2018 22:18 UTC