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Last Updated : Oct 10, 2019 07:29 PM IST | Source: Moneycontrol.com

Board to finalise successor in next meeting: Romesh Sobti, Indusind Bank

Sobti, who turns 70 next year, said that the decision will be made "well in time" as the succession planning has been going on since the past few years.

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Indusind Bank will finalise the name of the new Managing Director and Chief Executive Officer in the next board meet, its current head Romesh Sobti said on October 10.

Sobti, who turns 70 next year, said that the decision will be made "well in time" as the succession planning has been going on since the past few years. He did not divulge any details about the shortlisted candidates.

However, he added that the board's deliberations are complete and shortlisted candidates are being groomed for the role.

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Earlier, Sobti had indicated that he would be willing to continue to head the bank, subject to any review in regulatory norms. Presently, norms laid out by the Reserve Bank of India (RBI) stipulate 70 years as retirement age for MDs at private banks. The retirement age for public sector bank heads is 60 years.

Sobti's term ends on March 23, 2020. He has been heading the bank since February 2008.

According to recent media reports, the bank may name its consumer banking division head-Sumant Kathpalia as the next MD and CEO. He is a chartered accountant by qualification and has been with IndusInd Bank since 2008.

Before joining IndusInd Bank, he led the consumer banking wing of ABN AMRO. He also worked with Citibank and Bank of America. Kathpalia, 55, has been involved in developing new products such as loans against property, personal loans and credit cards.

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First Published on Oct 10, 2019 07:27 pm
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