SBI Looks To Hire CFO On Contract
A customer uses an automated teller machine (ATM) at a State Bank of India Ltd. (SBI) branch at night in Bengaluru, India. (Photographer: Karen Dias/Bloomberg)

SBI Looks To Hire CFO On Contract

India’s largest lender is seeking applications to appoint a new chief financial officer on contract.

The appointee will receive an annual remuneration of Rs 75 lakh to Rs 1 crore for a three-year contract, according to an advertisement released by State Bank of India on Tuesday. Chairman Rajnish Kumar, according to SBI’s annual report for the year ended March 2019, received an annual salary of Rs 29.5 lakh, and holds 500 shares of the state-owned bank.

The prospective applicant can be up to 57 years of age on April 1. The candidate must have a minimum work experience of 15 years, overseeing financial operations, preferably accounting and taxation matters, in banks, large corporates, public sector institutions or financial services organisations, the advertisement read.

The newly appointed CFO will be eligible for a two-year extension after the first term ends. During the first six months of employment, the CFO will be under probation, after which the position will be finalised.

This comes after Prashant Kumar in March vacated the post at SBI to take over as managing director and chief executive officer of Yes Bank Ltd. The state-owned lender had given additional charge of CFO to Chalasani Venkat Nageswar, besides deputy managing director for international business.

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