In a turn of fresh developments, Tamilnad Mercantile Bank based in Tuticorin, reportedly announced three candidates for the post of Chief Executive Offer and Managing Director. This development was made after a meeting held on Wednesday, November 22, 2023, i.e. yesterday, when the Boards of Directors of the Bank, Nomination and Remuneration Committee of the Board recommended the names of three candidates for the posts of CEO and MD. The same was announced through a regulatory filing issued by the bank. Who are the three finalized candidates for the post of MD and CEO? Let’s delve deep into the details and unfold more details of this development. Swipe down the page and read more information.
Tamilnad Mercantile Bank To Appoint MD and CEO
As mentioned, the bank issued a regulatory to announce that the bank has finalized three names for the position of Managing Director and Chief Executive Officer, the regulatory filing reads, “We wish to inform you that pursuant to the recommendation of the Nomination and Remuneration Committee of the Board, the Board of Directors of the Bank in its meeting held on November 22, 2023, has finalized the names of three candidates, in the order of preference, for the position,” Drag down the page and read more details.
The regulatory further announced, “The bank has submitted an application to the Reserve Bank of India (RBI) with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD and CEO of the bank. On receipt of RBI approval, the bank shall duly make the requisite disclosures pursuant to the listing regulations.” The announcement of finalizing three candidates for the two posts of MD and CEO of the bank came after the bank’s former MD and CEO Krishnan Sankarasubramaniam stepped down from the position. Why did the former CEO and MD of the bank resign from the post? To know this take a look at the next section.
Reportedly, the former Managing Director and Chief Executive Officer of the bank resigned from his post at the end of September citing personal reasons. The resignation of Krishnan Sankarasubramaniam came 13 months after his appointment as the bank’s MD and CEO. Sankarasubramaniam wrote in a resignation letter, “Though I still have about 2/3rd of the term to go, due to personal reasons, I have decided to resign as Managing Director & CEO of the bank. However, as the bank has only one whole-time director, I will seek the guidance of RBI in this regard.” Stay tuned.