Prashant Kumar to remain MD & CEO of Yes Bank for another 3 years

As per recent citations, veteran banker Prashant Kumar would now hold the position of Managing Director and CEO of Yes Bank for a period of 3 years.

His appointment was confirmed by the Reserve Bank of India on 6th October with immediate effect, subject to, however, approval from the shareholders of Yes Bank to reach fruition.

The bank has reportedly relayed to the exchanges that since Kumar is not related to any managerial personnel or other directors, he can wholeheartedly perform his duties as Managing Director per the orders issued by SEBI and any other authority of such stature.

For those unaware, Prashant Kumar was reportedly appointed Managing Director and CEO of Yes Bank after a complete turnover of the Bank’s operational capacity in March 2020.

Regarding the new development, the bank issued a statement claiming that Kumar’s leadership qualities have shone through the transformative journey that the bank embarked upon by the way of re-capitalizing, recalibrating, and re-energizing itself, while also keeping the core values of unwavering commitment and dedication toward shareholders and consumers intact.

Furthermore, the bank asserted that Kumar’s unyielding leadership has played a crucial role in anchoring the bank from the brink of collapse to a promising future within the short span of a year.

Prior to making his mark with Yes Bank, Prashant Kumar served as the Deputy Managing Director and Chief Financial Officer at the State Bank of India, functioning under various capacities within diverse fields ranging from human resources to credit finance.

 Having first joined State Bank as a Probationary Officer, way before in 1983, his illustrious career of 34 years saw him serving and tackling various complexities associated with the positions of Deputy Managing Director and Chief Operating Officer, Deputy Managing Director (HR) and Corporate Development Officer, Deputy General Manager for the Industrial Relations division, General Manager, Mumbai Division, Chief General Manager, Kolkata Circle and a brief stint as faculty at the bank’s apex Training Academy, the State Bank Academy at Gurugram.

Source Credits: - https://www.moneycontrol.com/news/business/banks/prashant-kumar-appointed-new-yes-bank-md-ceo-9287121.html