CSB Bank's MD and CEO takes early retirement from post, to stay chief till March 2022-end; Stock trades flat

10 Jan 2022 , 01:37 PM

CSB Bank has announced that C. VR. Rajendran has decided to take early retirement from the post of Managing Director & CEO to take care of his health under the advice of his physicians. Rajendran led the bank for over 5 years and playing a vital role in its transformation journey and was instrumental in making the bank cross multiple milestones.

Rajendran will continue to lead the Bank till March 31, 2022. His decision to move on from the post of Managing Director & CEO has been approved by the Board of Directors in a meeting held on January 08, 2022.

The Board decided to constitute a search committee to identify and evaluate candidates from internally or externally for the position of Managing Director & CEO. It has been decided to engage an independent executive search firm in this connection.

Rajendran has been holding the position of Managing Director & CEO since December 9, 2016, and the current term is up to December 8, 2022.

Rajendran is instrumental in turning around CSB Bank. Under his leadership, the Bank registered an impressive performance and returned to the path of profitability in Q1 — FY 20, after incurring losses for many consecutive quarters.

Rajendran was instrumental in bringing Rs 1,208 crores of primary capital to CSB Bank from FIH Mauritius Investments Ltd (a subsidiary of Fairfax India Holdings Corporation). He was also the key driver in spearheading CSB Bank through a successful initial public offering which
was oversubscribed 87 times.

Rajendran has ensured the effective implementation of a slew of sustainable growth strategies, which included healthy prudential parameters such as risk assessment, business expansion with a firm eye on the bottom line, reducing the NPAs, moving to verticalised business model, and turning the underperforming bank to a new age agile profit making entity.

At around 1.34 pm, CSB Bank was trading at Rs259.50 per piece flat compared to the previous closing on Sensex.