Om Prakash Bhatt at the World Economic Forum. (Photographer: Andrew Harrer/Bloomberg)

OP Bhatt Resigns From Yes Bank’s CEO Search Panel

Former State Bank of India Chairman Om Prakash Bhatt has stepped down from the panel set up to search for a new chief executive officer for Yes Bank Ltd.

Bhatt tendered his immediate resignation from the search and selection committee citing that there may be a potential conflict of interest, the private lender said in a stock exchange filing. The nomination and remuneration committee of the bank has accepted the resignation.

Yes Bank aims to find a successor for Rana Kapoor by the Jan. 31 deadline given by the Reserve Bank of India. The lender’s request for an extension of term for Kapoor was rejected by the central bank. The search and selection committee has signed up headhunter Korn Ferry to help in finding a new chief.

The committee is headed by independent director Brahm Dutt. Other members include Lt General Mukesh Sabharwal (Retd), independent director; Subhash Chander Kalia, non-executive non-independent director; and TS Vijayan, former chairman of IRDAI and Life Insurance Corporation of India.

The selection panel has made “significant progress”, according to the statement, with Korn Ferry’s support over the past three meeting to identify a suitable successor. It reiterated its commitment to complete the process as per the timeline mandated by the RBI.

Also read: Life Comes Full Circle For Rana Kapoor