C V R Rajendran, Managing Director & Chief Executive Officer, CSB Bank, decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022.
His current three-year term was supposed to end on December 8, 2022. Rajendran has been holding the position of Managing Director & CEO since December 9, 2016.
In a statement, the lender said that Rajendra said he decided to take early retirement on health grounds under the advice of his physicians. 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 Saturday, the lender said.
The Board decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of Managing Director & CEO. It will engage an independent executive search firm in this connection.
Rajendran was instrumental in turning around CSB Bank. Under his leadership, the bank registered an impressive performance and returned back to the path of profitability in Q1FY 20, after incurring losses for many consecutive quarters.
Rajendran was in instrumental in bringing Rs 1,208 crore of primary capital in CSB Bank from FIH Mauritius Investments Ltd (a subsidiary of Prem Vatsa controlled 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.
Prior to moving to private sector banking space, he had a long innings in public sector banking space, including as chief of Andhra Bank and executive director at Bank of Maharashtra.
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 bottom line, reducing the NPAs, moving to verticalised business model, and turning the underperforming bank to a new age agile profit making entity, CSB Bank said.