Yes Bank hires headhunter Korn Ferry to assist search panel for new CEO

Yes Bank Thursday appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor.

The bank had invited proposal from four global leadership advisory firms specialising in banking and finance sector to assist its five-member expert committee in identifying a new chief executive.

Kapoor, the founder and promoter of the bank, has been asked by the Reserve Bank to step down after January 2019.

Based on assessments and presentations made by these global advisory firms, the Search and Selection Committee has mandated Korn Ferry to assist the committee in evaluating candidates, Yes Bank said in a statement.

The Search and Selection 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, T S Vijayan, former chairman of IRDAI and LIC and O P Bhatt, former chairman, SBI.

All the members of the search panel were present in Thursday's meeting to hire the headhunter.

The other three firms invited by the bank were Egon Zender, Spencer Stuart and Heidrick & Struggle. However, Egon Zender did not participate in the presentation.