Heads roll at IndusInd Bank amid clean-up
An unprecedented number of top executives are set to retire from the bank, amid dangerous levels of stress on its books and concerns over shareholding.
Why read this story?
Editor's note: It sounded like a routine change in leadership. On 29 September, the board of IndusInd Bank decided to change its chief financial officer. Two days later, it filed a carefully worded announcement with the stock exchanges stating that former Kotak Mahindra Bank executive Gobind Jain would be replacing S.V. Zaregaonkar as CFO. “S.V. Zaregaonkar shall hand over charge of the CFO position, and take over other responsibilities until the date of his superannuation,” the bank said in the filing, adding that “it was part of succession planning” and that Zaregaonkar would be moving to “other roles”. In a statement to The Morning Context, the bank added that Zaregaonkar will be elevated to the role of chief operating officer. “A new CFO has been appointed, as part of the due succession process,” the bank said. But, as it turns out, Zaregaonkar isn’t the only one moving on. The bank has as many as nine senior executives retiring next year, and it is in the midst of hiring a whole set of new bankers, primarily from rival private-sector banks, according to at …
More in Business
You may also like
RBI wants IndusInd Bank promoters, the Hindujas, cut to size
After successive controversies and growing unease over promoter influence, the central bank is reshaping the lender—starting with management, moving to its board and tightening the screws on ownership.
What does the RBI’s new rule mean for corporate acquisitions?
Indian banks have been allowed to fund M&As, but the framework will matter as much as the opportunity.
The other challenge that Rajiv Anand faces at IndusInd Bank
High levels of attrition, a leadership coterie and allegations of a toxic work culture combine to give the new CEO an HR headache—one that he must tackle with little help from the RBI.