Billionaire Watsa-Backed Indian Lender Says CEO to Retire Early
(Bloomberg) -- CSB Bank Ltd., a small-sized Indian lender backed by billionaire Prem Watsa, said its top executive is retiring due to health issues.
C.VR. Rajendran, who has held the roles of managing director and chief executive officer since 2016 and spearheaded its listing in 2019, requested early retirement to take care of his health, the bank said in an exchange filing Saturday. The board accepted the request from Rajendran, who will stay in the top position until the end of March. His term was scheduled to end in December.
The bank will form a panel, comprising of two board members, to identify and evaluate internal and external candidates for the top role. It will also appoint an executive search firm.
Shares of the bank have risen about 10% over the last year, lagging the sectoral S&P BSE Finance Index as well as the benchmark Sensex, which have gained nearly 17% and 23%, respectively. Watsa’s Fairfax Financial Holdings Ltd. owns about half of the lender through a unit.
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