YES BANK: Top management reshuffle on the cards

Yes Bank, in a regulatory filing on Thursday evening, said that it is in the process of appointing certain new key managerial personnel, including the Chief Financial Officer (CFO), Chief Compliance Officer (CCO), and Chief Operating Officer (COO). Currently, these top positions in the bank are occupied by the former MD & CEO Rana Kapoor’s most trusted aides, including members who have been with the bank since its inception.

Kumar Padmanabhan, who was appointed the Chief Operating Officer of the Bank in 2015, was part of the core team that helped set-up the bank in June 2004, and was instrumental in setting up & implementing the process & systems for the Bank across all business.

Raj Ahuja, who is currently the Chief Financial Officer of the bank, took over this critical role in the bank  from Rana Kapoor’s right-hand man, Rajat Monga in April last year, and was reporting directly to the then-MD & CEO.

Rakesh Mehran is the current Chief Compliance Officer of Yes Bank. Mehra is also one of the bank’s old-times who has been associated with YES BANK since 2007.

The bank did not assign any reason for the top management rejig in the regulatory filing. However, given that some of these key managerial positions were assigned by the ousted MD & CEO, Rana Kapoor, the move could be seen as an effort by the new CEO, Ravneet Gill to remedy some of the lapses in corporate governance, credit disbursal policies noted the Reserve Bank of India last year, when it brought an end to the founding CEO Rana Kapoor’s tenure.

Besides the board-level exits last year, Senior Vice President Jaideep Iyer, and Senior Group President Pralay Mondal also left Yes Bank last year to join RBL Bank and Axis Bank respectively.