Another director Mukesh Sabharwal quits from Yes Bank’s board, a spate of resignations from the bank
Mukesh Sabharwal, a former defence personnel, tendered his resignation from the Yes Bank’s board. He has been on the board since April 2012.
- Earlier in January, Yes Bank senior group president and head – retail and business banking Pralay Mondal had tendered his resignation.
- Ajai Kumar, a non-executive director of Yes Bank, on June 10, has resigned from the board due to personal reasons.
- He served as the bank’s interim Managing Director and CEO for one month after Rana Kapoor’s exit.
- Kumar was the interim CEO of the bank during February when new CEO Ravneet Gill was yet to take charge.
- Gill took charge on March 1 and Kumar moved back as nonexecutive director on the bank’s board.
Reasons amid spate of resignations
According to source, “One reason why one director has quit and other maybe is because Rajat Monga group president and Ashish Agarwal, chief risk officer will come on the board, will be non-executive directors.”
Yes Bank has seen a series of resignations in the past year amid regulatory glare on its founder Rana Kapoor who was denied another term. R Chandrashekhar, Ashok Chawla were the other board members to have quit.
Ravneet Gill in March took over as the CEO. He has talked about culture change in the bank with being liabilities led than asset led. The Bank is looking to hire to lead the liabilities division as it will be an important area of focus. The bank is moving on the path of having strong regulatory compliance and uncompromising governance standards.