Ravneet Gill to take over from Rana Kapoor as YES Bank's MD & CEO

Bank's senior group president says Jan 29 board meeting will decide whether an interim CEO will be brought in for the gap between Kapoor's end of term and Gill joining the bank

Ravneet Singh Gill, managing director of Deutsche Bank, will become YES Bank's managing director and chief executive, said the private sector lender in a filing to the exchanges. Gill will join the bank on or before March 1, 2019. 

The bank has received the Reserve Bank of India's (RBI's) approval for the same. "The board will convene on January 29, 2019, to finalise the interim transition," it said.

In October, the RBI had refused to give incumbent CEO Rana Kapoor an extension to his term. He will be in office till January 31, 2019.  

"As we look ahead, the bank's highly experienced and proven management team, with the guidance of its board, is well geared to successfully navigate the bank through this leadership transition phase," said Kapoor in a statement. 

YES Bank reported a seven per cent drop in net profit to Rs 1,002 crore for the quarter ended December 2018. The bank also saw a spike in non-performing assets, as well as provisions, mainly on account of its exposure to 'a stressed infrastructure conglomerate', namely the Infrastructure Leasing & Financial Services group.

The bank's stock was trading up by 8.39 per cent at Rs 213.85 on the BSE at the time of filing the copy. 

 

The bank's Senior Group President, Rajat Monga, said that the board's meeting on January 29 will decide whether an interim CEO will be brought in for the gap between Kapoor's end of term and Gill joining the bank.