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Yes Bank Shares Jump As New CEO Takes Charge
Shares of Yes Bank rose as much as 3 percent on NSE in trade on Friday as Ravneet Gill, the newly appointed CEO and MD (Managing Director) commenced his duties on 1 March 2019.
Gill ran Deutsche Bank's India Unit before replacing founder and former CEO Rana Kapoor at the fourth largest private sector bank in India amid controversy of bad-debt accounting.
The Reserve Bank of India (RBI) has approved his appointment for a tenure of 3 years from the date of joining, that is from 1 March 2019 to 28 February 2022. The appointment of Gill as CEO is pending approval from the shareholders to be expected at the annual general meeting scheduled for June 2019 on the terms and conditions as approved by the RBI.
The scrip rose as high as 3 percent to Rs 238.50 apiece on NSE.
Ajai Kumar has ceased to be the interim MD and CEO of Yes Bank but will continue as the Non-Executive Non-Independent Director on the board of the bank.
Under Kapoor administration, the Mumbai based bank's total assets grew at a compound annual growth rate of 34 percent in the 10 years period through March.
