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RBL Bank Sets Up Panel To Search Suitable Candidate For MD & CEO

RBL Bank

RBL Bank has set up a panel consisting of two board members, the chairman of its nomination & remuneration committee and an external expert, for staffing the right candidate for the MD and CEO post, according to a regulatory filing.

Rajeev Ahuja stepped up as an interim MD and CEO effective immediately after the RBL Bank’s board approval on December 25. On the same day of promotion of Rajeev Ahuja, which was subject to approval from regulatory authorities, the bank’s CEO Vishwavir Ahuja went on medical leave. On December 24, the Reserve Bank of India (RBI) appointed its Chief General Manager Yogesh K Dayal as an additional director on the lender’s board.

“The board at its meeting held today i.e. December 30, 2021, has constituted a search committee (comprising chairman of the nomination and remuneration committee, two members of the board and one external expert) to identify and evaluate for the position of MD & CEO,” RBL Bank said in the filing.

The candidate can be from within or outside the bank for the posts. The bank also said that the board has decided to hand over this task to a reputed recruitment firm.

“The bank will endeavour to complete the succession process at an early date,” it said.

Earlier in the day, the bank informed about getting the RBI’s welcomed the decision taken by the board to appoint Rajeev Ahuja as its interim MD and CEO for three months or until a regular candidate is ready to replace him. 

Rajeev addressing a press conference with reporters and investors on December 26, had said that the bank’s financial health is sound, and it had full support from its board of directors and the central bank.

The central bank on the following day spoke in the same line as the interim director, stating that its financial situation was satisfactory.

It also said that the depositors, as well as the investors, should not give much attention to the speculation around the sudden rejig in the bank’s management.

Despite RBI’s clarification on the financial health, the stock faced bloodshed, plunging 18.48% in the intraday session, closing the market at a low of 130.20 apiece. Today, the shares of the bank are trading at a drop of more than 3 percent, at Rs 126.70 at 2:50 IST.

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Harshita Sharma

A financial news enthusiast and a keen observer of the stock market, I bring to you all the updates from the world of business and finance. So, check out my posts and stay tuned with the major (informational) happenings.

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