Yes Bank extends CEO's tenure by 6 months: Move to help SMBC steer strategy

Kumar has led the bank since its reconstruction in March 2020. He was first appointed the bank's administrator and later made the MD & CEO

The six-month extension given to Yes Bank chief Prashant Kumar aims to give incoming shareholder, Sumitomo Mitsui Banking Corporation (SMBC), room to decide the lender's leadership and strategy once the ownership changes, said industry insiders.

 

The private-sector lender last week told exchanges the Reserve Bank of India (RBI) had approved Kumar’s extension as managing director (MD) and chief executive officer (CEO) till October 6. However, Yes Bank did not say how long an extension it had sought for Kumar.

 

Kumar has led the bank since its reconstruction in March 2020. He was first appointed the bank’s administrator and later made