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YES BANK announces appointment of Mr. T S Vijayan as an Additional Director - Independent

Posted On: 2018-12-03 15:39:18

Pursuant to approval of the Board of Directors, basis the recommendation of the Nomination and Remuneration Committee ('N&RC'), YES BANK, India's fourth largest private sector Bank announced the appointment of Mr. T S Vijayan as an Additional Director (Independent), with immediate effect.

In terms of the provisions of Section 149, 152 read with Schedule IV of the Companies Act, 2013, the appointment of Mr. T S Vijayan as an Independent Director on the Board of YES BANK with effect from December 03, 2018 for a period of 5 years would be subject to approval of Shareholders at the next General Meeting of the Bank.

Mr. Vijayan is an eminent leader, with an impeccable public track record. He was the past Chairman of Insurance Regulatory & Development Authority of India ('IRDAI'). Before assuming charge as Chairman, IRDAI in 2013, Mr. Vijayan held several senior leadership positions in various capacities in the Life Insurance Corporation of India ('LIC'), India's largest Insurance Company, and assumed responsibility as its Chairman in 2006. His career in LIC started as a Direct Recruit Officer in the year 1977 and some of the important assignments held by him were Managing Director of LIC, Executive Director (IT & BPR), Director and Chief Executive of LIC Housing Finance Limited Carehomes.

His specialization includes Administration, Information Technology, HR & Marketing. He was the architect of the concept of Satellite Offices in LIC which brought about a revolution in customer service. He has participated in several national and international seminars in the areas of Information Technology, Strategic Management, Corporate Governance, Financial Management, Value creation in Service industry etc. He has received extensive training in Business Schools like Indian School of Business and apex training institutes like NIA, MDC etc.

Mr. Vijayan pursued his education in Kerala and holds a special graduate degree from Kerala University. He also holds a Diploma in Management.

Mr. T S Vijayan has been a key member of the 'Search & Selection Committee' ('S&SC') set up to identify a suitable successor for the new MD & CEO position. Given that the S&SC has made significant progress and is in advanced stages, the N&RC and the Board has decided to seek Mr. T S Vijayan's larger engagement and involvement, now as an Additional Board Director (Independent) with continuation on the four member S&SC.

Speaking on this strategic Board development, Mr. Rana Kapoor, MD & CEO, YES BANK, said, "On-boarding eminent leaders to further strengthen the Board, is a top priority for YES BANK as committed in our Board approved Press release dated November 20, 2018, and subsequent Release on November 28, 2018. We are particularly privileged to welcome Mr. T S Vijayan on the Board as an Additional Director (Independent) who has an impeccable leadership and demonstrated track record, having served at the helm of India's Insurance Regulator (IRDAI), as also in India's largest insurance organization (LIC). His induction on the board of directors will bring considerable expertise to the board, and board level sub-committees."

Shares of YES BANK LTD. was last trading in BSE at Rs.169.65 as compared to the previous close of Rs. 160.45. The total number of shares traded during the day was 9876594 in over 60313 trades.

The stock hit an intraday high of Rs. 171.25 and intraday low of 160.45. The net turnover during the day was Rs. 1663487863.

Source: Equity Bulls

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