MUMBAI: Yes Bank Ltd on Thursday named Deutsche Bank India chief Ravneet Singh Gill as the new managing director and chief executive officer (CEO), succeeding Rana Kapoor at the private sector lender.
The announcement of the new CEO came on a day when the bank reported a 7% drop in net profit in the December quarter. Both announcements followed a board meeting on Thursday.
Yes Bank said in a release that Gill would take charge as CEO on or before 1 March. With Kapoor’s term expiring on 31 January, as per the Reserve Bank of India (RBI) directive, the board will look at an interim structure to manage the bank’s affairs.
Clarity is yet to emerge on the future of Yes Bank president Rajat Monga, who was also in the race to succeed Kapoor. The board had recommended his elevation to the executive director’s post, which is awaiting approval from RBI.
Monga, who currently oversees the bank’s finance function, is expected to handle additional responsibilities once the RBI approval comes through.
The bank’s board also announced the appointment of Maheshwar Sahu, a former civil servant, and Anil Jaggia, a former chief information officer of HDFC Bank Ltd, as independent directors for a period of five years.
The board also recommended the elevation of chief risk officer Ashish Aggarwal to the post of executive director, subject to RBI’s approval.