CSB Bank Ltd, a small-sized Indian lender backed by billionaire Prem Vats, said its top executive is retiring due to health issues.
CVR Rajendran, who has held the role of managing director and chief executive officer since 2016 and led its listing in 2019, requested early retirement to take care of his health, the bank said in an exchange filing on Saturday. The board accepted the request of Rajendran, who will continue at the top post till the end of March. His term was to end in December.
Bank The apex will form a panel of two board members to identify and evaluate internal and external candidates for the role. It will also appoint an executive search firm.
Shares of the bank have gained nearly 10% over the past year, trailing the sectoral S&P BSE Finance index as well as the benchmark Sensex, which have gained nearly 17% and 23%, respectively. Watts’s Fairfax Financial Holdings Limited owns approximately half of the lender’s share through a single entity.
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