Ashok Chawla resigns as Yes Bank’s non-executive chairman

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YES BANK announces that Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank’s Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention- Press Release.

“The bank shall in due course announce the appointment of a Chairman, post RBI’s (Reserve Bank of India) approval.”

Yes Bank has been in amidst of a transition as it is looking to find a successor to promoter-cum chief executive Rana Kapoor, who’s term is slated to end on January 31, 2019. On its part, the company has constituted a “Search and Selection Committee” to evaluate both internal and external candidates and make suitable recommendations to the Board of Directors within stipulated timelines for RBI’ s final approval.

The bank has also announced the appointment of Uttam Prakash Agarwal as an Independent Director on the Board of YES BANK with effect from November 14, 2018 for a period of 5 years would be subject to approval of Shareholders at the next General Meeting of the Bank. And he replaces Vasant Gujarati who has tendered his resignation from the Board of the Bank, with immediate effect, due to personal commitments.

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