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Private sector lender Tamilnad Mercantile Bank (TMB) has finalised the name of three candidates for the post of Managing Director and Chief Executive Officer, the bank said in its regulatory filing on November 22.
“We wish to inform that, pursuant to the recommendation of the Nomination and Remuneration Committee of the Board and pursuant to the Banking Regulation Act 1949 and the extant norms of the Reserve Bank of India (“RBI”), the Board of Directors of the Bank in its meeting held today i.e., November 22, 2023, has finalized the names of 3 candidates, in the order of preference, for the position of the Managing Director & Chief Executive Officer of the Bank,” the bank said in its statement.
On September 28 TMB Managing Director and CEO S Krishnan resigned from his position, citing personal reasons.
According to a communication from the bank to exchanges on September 28, the Board of Directors has accepted the resignation of Krishnan.
“S. Krishnan, shall continue to be the MD & CEO, till the guidance/advice received from RBI, which shall be intimated in due course of time,” said the bank in a statement.
“On receipt of RBI approval, the Bank shall duly make the requisite disclosures pursuant to the Listing Regulations,” the bank said on November 22.
Thoothukudi-based Bank on October 8 came with an invitation for application for the post of new Managing Director and Chief Executive Officer.
“One of the leading old private sector banks, on a high growth path, having a total business of around Rs 85,000 crore invites applications from dynamic and result-oriented individuals for the post of MD & CEO,” said the bank’s advertisement in the newspapers.
The bank further mentioned that the candidate should be serving or have retired as a Chief General Manager/general manager cadre or higher in any commercial bank. Candidates with at least two years of experience serving as an MD & CEO of any NBFC with one year of exposure at the board level are also welcome.
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