New Delhi: Bandhan Bank’s founder and managing director, Chandrashekhar Ghosh, has announced that he will not retain a non-executive role on the bank’s board upon his retirement on July 9th. Ghosh made this decision voluntarily, emphasizing that the Reserve Bank of India (RBI) played no part in his resignation.
During a discussion with analysts and investors, Ghosh explained that the board will commence the process of identifying his successor, with the expectation of finalizing candidate selections by July. He also mentioned the possibility of appointing an interim chief executive officer if the RBI’s approval for the new CEO is not obtained by then.
Ghosh’s retirement coincides with the board’s approval of his re-appointment for another three years in November last year. He noted that during this time, the bank underwent a significant IT transformation, which required his attention for stabilization.
Regarding a forensic audit on a portion of Bandhan Bank’s loan book, which is backed by government guarantees, Ghosh clarified that it was unrelated to his retirement decision. He assured a smooth transition to new leadership, expressing confidence in the bank’s readiness for growth.
In his resignation letter, Ghosh expressed a desire to assume a broader strategic role post-retirement, although specifics regarding his future involvement were not disclosed during the call.
Bandhan Bank has witnessed several changes in senior management over the past year, including the appointment of new executives such as Ratan Kumar Kesh as executive director and Rajeev Mantri as chief financial officer.
