Zarin Daruwala on Monday denied being in the race for Yes Bank's CEO post. Daruwala is currently CEO, Standard Chartered Bank.
In early October, Yes Bank appointed Korn Ferry to assist the bank's search panel for new CEO after the Reserve Bank of India (RBI) asked CEO and managing director Rana Kapoor to step down by February 1, 2019.
The bank, on October 17 said its search committee is on track to appoint the new CEO latest by mid-December 2018. Yes Bank had earlier said it would seek the central bank's approval to extend Kapoor's term beyond January since it needed more time to identify and groom a successor, after RBI trimmed his term despite shareholders giving a nod to extend it for three more years.
Later, on October 26, Yes Bank said it has shortlisted potential candidate profile for the role. "The Committee finalised the potential candidate profile. Korn Ferry also shared a representative list of candidate pool, based on initial industry mapping," the bank had said.
Research firm Macquaire in September said Rajat Monga, senior group president of the financial markets at Yes Bank and Pralay Mondal, business head of retail and business banking, were likely to be in the race to replace the bank's managing director and CEO. Daruwala was another doing the rounds in media reports as someone in talks for the top job at Yes Bank.Monga has been with the company since its inception in 2004, Mondal joined the firm in 2012.
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Following RBI's diktat, Yes Bank has seen a flurry of resignations from its board including Vasant Gujrathi who was the head of Yes Bank'saudit committee. Apart from him, R Chandrashekar and Ashok Chawla resigned from the board.
R Chandrashekhar, in his resignation letter, is understood to have expressed deep concerns about the recent developments and dismay at the manner in which the bank dealt with them. He is understood to have conveyed to the bank that the environment was not conducive to him staying on.
Ashok Chawla too had resigned over differences with Rana Kapoor as the latter felt that the former had not adequately supported him when RBI cut short his tenure.OP Bhatt, former chairman of State Bank of India (SBI) quit the Search and Selection Committee on November 15 citing conflict of interest.