South Indian Bank in search for new CEO and MD

South Indian Bank has appointed leadership advisory firm Hunt Partners to search for a new Managing Director and Chief Executive Director. This follows Murali Ramakrishnan’s decision to not accept reappointment as the MD and CEO of the private lender.

In a press conference, Ramakrishnan stated that Hunt Partners will work closely with the bank to identify both internal and external candidates for the position of MD and CEO, according to a report in Moneycontrol. This decision was made after the board considered Ramakrishnan’s request to not offer himself for reappointment due to personal reasons and family circumstances upon the completion of his term on September 30, 2023.

The bank also confirmed that a search committee has been constituted to evaluate and identify suitable candidates for the position of MD and CEO. As a result of these developments, shares of South Indian Bank fell by 16.63 per cent on Wednesday, hitting a day low of Rs 13.79. The number of shares traded on Wednesday was also more than thrice the two-week average volume at 89.49 lakh shares.

This search for a new leader comes at a critical time for the bank, which has been grappling with financial challenges and a slowdown in the banking sector. The appointment of a new MD and CEO is expected to bring renewed focus and direction to the bank’s operations and growth strategy.