CSB Bank MD&CEO retires early, lender to set up panel to find successor

CSB Bank on Saturday said its managing director and chief executive C VR Rajendran has decided for an early retirement on health grounds, and the lender will set up a committee to find a successor.

This is to inform you that the bank's board in its meeting held on January 8, 2022, considered and accepted the request of C VR Rajendran to take an early retirement from the position, to take care of his health under the advice of his physicians, CSB Bank said in a regulatory filing.

The board has further requested Rajendran to continue in the office of MD & CEO till March 31, 2022, it said.

Rajendran has been holding the position of MD & CEO since December 9, 2016 and the current term is up to December 8, 2022.

"The board further decided to constitute a search committee comprising the chairperson of the Nomination and Remuneration Committee and two members of the board, to identify and evaluate candidates, from within or from outside, for the position of Managing Director & CEO," the bank said in the filing.

The board also decided to appoint an independent executive search firm in this connection to expedite the succession process, it said further.