Yes Bank Reappoints Prashant Kumar As MD & CEO, For 3 Years

Yes Bank has appointed Prashant Kumar as managing director (MD) and chief executive officer (CEO) for 3 more years effective from October 6. The bank informed the RBI on Thursday.

Earlier, Prashant Kumar was appointed as MD & CEO of the bank post-reconstruction in March 2020. Yes Bank, stating on the reappointment, said, "under his leadership, the bank embarked on transformation journey to emerge as a re-energised, re-capitalized and recalibrated organization, while continuing to fulfill its unwavering commitment towards its customers and stakeholders. This has been one of the rare instances, where an Indian banking institution has been a real turnaround from the brink of collapse within an extremely short time frame of just one year". Before joining YES Bank, he was the Deputy Managing Director & CFO of the State Bank of India.

In March 2020, when Kumar joined the bank, the private lender was struggling with NPA and other major financial issues. However, under the guidance of Kumar, in 2022, the bank started to recover.

On October 6, Yes Bank's share price closed at Rs. 16.65 a piece. In the past 1 year, its stock has gained by 26.62% on NSE.