Yes Bank is denying reports that its new CEO Ravneet Gill is getting rid of its top brass.

• Yes Bank has denied all the report that the new chief executive of Yes Bank, Ravneet Gill, is reportedly planning to replace the entire top management of the lender.
• The executives that are expected to go include group president Rajat Monga, CFO Raj Ahuja and chief risk officer Ashish Agarwal. The replacement process is slated to take around three months.
  
• Having taken over the CEO role in January, Gill inherited a bank that had been beset with corporate governance and risk management issues during the tenure of the previous CEO Rana Kapoor.
  
  

Yes Bank is denying reports that its new CEO Ravneet Gill is getting rid of its top brass. A Mint report earlier this morning stated that Gill was in the process of replacing the entire top management of the bank.

Gill was reportedly in the process of replacing the entire top management of Yes Bank, which is one of India’s largest private sector lender. In fact, the bank is said to be looking for replacements for around 14 senior executives.

The executives that are expected to go include group president Rajat Monga, CFO Raj Ahuja and chief risk officer Ashish Agarwal. The replacement process is slated to take around three months.

The culling is likely an attempt on Gill’s to attempt a fresh start for the bank. Having taken over the CEO role in January, he inherited a lender that had been beset with corporate governance and risk management issues during the tenure of the previous CEO Rana Kapoor.

Starting in October 2017, when the Reserve Bank of India levied a ₹60 million fine on the lender. This followed a sector-wide risk review which showed that the private lender had under-reported a series of non-performing loans in its financial statements for the year ended March 2016.

Yes Bank’s market value took a dramatic hit in September last year, when the RBI refused to extend Rana Kapoor’s tenure as CEO of Yes Bank, giving him four months (until January 31st, 2019) to vacate the position.

The lender’s woes were further compounded by a rise in reported bad loans, a significant exposure to IL&FS, the resignation of the non-executive chairman Ashok Chawla amid a corruption probe and a series of credit downgrades.



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