Egon Zehnder is likely to be responsible for identifying CEO and deputy CEO candidates, the mandate to find two executive directors and the business heads for commercial banking and consumer banking may be given to Korn Ferry
IndusInd Bank shares rose over 3.5% on March 26 a day after Moneycontrol reported that the crisis-hit private lender is likely to tap two large global recruitment firms – Egon Zehnder and Korn Ferry — to identify candidates for key positions, including CEO.
The assignment for the recruiters includes finding a replacement for Sumant Kathpalia, the bank’s current MD & CEO, Arun Khurana, deputy MD and executive director who has also been given the additional charge of chief finance officer (CFO) as well as a CFO to replace Gobind Jain, who resigned on January 17. In addition, new chief compliance officer (CCO) and chief operations officer (COO) may also be appointed, sources told Moneycontrol.
According to sources familiar with the matter, while Egon Zehnder is likely to be responsible for identifying CEO and deputy CEO candidates, the mandate to find two executive directors and the business heads for commercial banking and consumer banking may be given to Korn Ferry.
At 11:30 am on March 26, IndusInd Bank shares were trading 3.6% higher at Rs 660 apiece.
Last week, Reuters reported, citing sources, that RBI has urged Sumant Kathpalia and his deputy to step down as soon as replacements are found and approved. However, the bank denied such a mandate by the central bank and called it “factually incorrect”.
On March 10, IndusInd disclosed that its derivatives portfolio was overvalued by around 2.35% – about Rs 1,500 crore – after non-compliant internal trades.
Source: www.moneycontrol.com