Tuesday, July 27

Rajesh Sud pulls out of race for CEO’s post at Yes Bank

MUMBAI: Rajesh Sud, shortlisted by the Yes Bank board to succeed Rana Kapoor as the lender’s next Chief Executive, has pulled out of the race for the top job, leaving insider Rajat Monga as the sole recommendation for the regulator to approve, said two people familiar with the matter.

“Sud pulled out of the race after having shown interest earlier,” said a source close to the development. Sud was reportedly in the reckoning, along with Yes Bank veteran Monga, to head the private sector lender.

The central bank has cut short the executive tenure of Rana Kapoor to January 31. Monga has been with the bank since its inception in 2004. He serves as senior group president of financial markets at Yes Bank and also been its chief financial officer.

Sud did not comment on the development. The bank has sent its recommendation on the managing director and chief executive to the Reserve Bank of India (RBI) after its board meeting on January 9.

Names were shortlisted by a search and selection committee, which had the mandate to evaluate both internal and external candidates and make suitable recommendations to the board within the stipulated timelines for RBI’s final approval.

In October, RBI had said that a successor to Yes Bank’s MD and CEO Kapoor be appointed by February 1, 2019. The two estranged promoters, Madhu Kapur and Rana Kapoor, have been holding conversations to settle the CEO and chairman selections.

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