Bandhan Bank's Ghosh not to be part of the board post-retirement

livemint.com:

MUMBAI : Chandra Shekhar Ghosh, Bandhan Bank's founder and managing director and chief executive officer, has said he will not be part of the bank's board even in a non-executive role after he retires on 9 July. Speaking to analysts and investors in an early morning call on Monday, Ghosh clarified that the board will start the process of finding his successor and expects the names of candidates to be finalized by July. The board may even look at appointing an interim CEO post his tenure, if the Reserve Bank of India approval for the new CEO does not come in by then.

“The bank is ready to take the next leap of growth with capable leadership. I can assure you on behalf of the board that it will be a smooth transition," he said. “By July first week, the board will decide whether there is a need for an interim CEO." Last week, Bandhan Bank had informed the stock exchanges that Ghosh has announced his decision to retire from the bank after having served as the CEO for nearly 10 years.

In his resignation letter, Ghosh said that he was looking to assume a broader strategic role after stepping down. However, Ghosh did not specify what role he would assume, saying that a final call will be taken after 9 July. Ghosh's retirement comes after the board had approved his re-appointment for three more years last November.

Explaining the rationale behind the move, Ghosh clarified that it was a voluntary decision, and that RBI had no role to play. “Business momentum has become good. In October we had undertaken the biggest transformation of IT in the core banking system.

I had to stabilize it. When in November 2023, the board decided to renew my appointment, I couldn't say anything. That time was crucial for the IT transformation," he