India’s Yes Bank names Deutsche Bank’s Ravneet Gill as new CEO
The country’s reserve bank had insisted incumbent Rana Kapoor be replaced
Bengaluru — Yes Bank has hired the head of Deutsche Bank India Ravneet Gill as its new CEO after the Reserve Bank of India demanded Rana Kapoor was replaced, lifting its shares. Yes Bank’s stock had been dragged down by a long tussle with the central bank over Kapoor’s future, which had also led to several board departures. Gill will join by March 1, Yes Bank said, adding that its board will meet on January 29 to finalise who would lead the bank in the transition period. The Reserve Bank of India had denied Kapoor an extension to his term twice in 2018 without giving a reason and asked Yes Bank to find a new CEO by February 1, exemplifying an increasingly assertive approach to tackling Indian banks’ bad debts. “It is a positive for Yes Bank as the board has brought in a professional and an outsider CEO, who isn’t likely to be operating in the shadows of Rana Kapoor,” Shriram Subramanian, founder of proxy advisory firm InGovern, said. “If Ravneet Gill gets a free hand to run the bank...
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