IDBI Bank, the private sector lender, will see churn at the top with three senior executives leaving the organisation on conclusion of their term and retirement.
One deputy managing director (DMD) G M Yadwadkar and two executive directors (EDs) — Subrato Gupta and G A Tadas — will leave the bank which is now owned by Life Insurance Corporation of India. Yadwadkar will hang his boots at the end of his three-year term on September 13, 2019.
K P Nair, another DMD, demitted office on end of his three-year term in May 2019. Both the DMD posts were advertised but LIC chose just one candidate, while readvertising for the second post.
Samuel Joseph, currently chief general manager with Export Import Bank of India, has been chosen for the post of DMD at IDBI Bank. The bank is awaiting nod from Reserve Bank of India, sources said. Subrato Gupta, executive director looking after corporate credit, is retiring on reaching the age of superannuation (60 years). Tadas, has sought voluntary retirement while he still has two-years of service left and is currently serving his notice period.
Bank has reshuffled portfolios of executive directors to ensure smooth working of institution.
R Sharma, its current managing director and chief executive, came on board in October 2018. At first instance he was appointed for six both stint. And later got three year term under new owner LIC from April 2019.
Before moving to IDBI Bank, Sharma was MD & CEO of Canara Bank till July 2018. He is career banker with long innings in State Bank of India.