RBL Bank has inducted NARCL Chairman Pradip Shah as an outside expert to help its search panel find a full-time managing director and CEO, after Vishwavir Ahuja stepped down from his post last month. The global headhunting firm EgonZehnder was also associated with the exercise.
Currently, Rajeev Ahuja is handling the day-to-day operations of the lender as Managing Director and Acting CEO. The company’s board, in a meeting held on Saturday, decided to induct Pradip Shah, chairman of the National Asset Reconstruction Company (NARCL) as an outside expert to assist the search committee, said RBL Bank in a regulatory filing. Shah will work with the search committee comprising Manjveev Singh Puri, chairman of the Nomination and Remuneration Committee (NRC), and two other bank directors, Ishan Raina and Veena Mankar.
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The board of directors, on the recommendation of the search committee, also approved EgonZehnder as a search firm to identify suitable candidates for the position of managing director and managing director of the bank in a timely manner, he added. .
These high profile changes came following the RBI, in a rare move, appointing its Chief Managing Director Yogesh K Dayal as a member of the RBL Bank Board. Even though there was a lack of clarity from the bank on the reasons for Vishwavir’s sudden departure, analysts pointed to high NPA levels as well as governance issues at the lender.