PremiumThe year 2023 will see change in leadership as many top roles comes to an end this year. Some of them will complete their term while some terms will come to an end as they will attain superannuation.
This year, country’s largest lender State Bank of India (SBI), Bank of Baroda, LIC among others would see change in top leadership roles. Recruitment for MD and CEO roles are in for some banks while others are seeing recommendations. On 30 December, BSE Ltd appointed Sundararaman Ramamurthy as the Managing Director and chief executive officer (CEO) of the exchange. He will take the top spot with effect from 4 January, 2023 for a period of five years.
Here is the list of banks and institutions who are about to see leadership change this year:
BSE: BSE Ltd on 30 December appointed Sundararaman Ramamurthy as the Managing Director and chief executive officer (CEO) of the exchange with effect from 4 January. He has been appointed for a tenure of five years. "As informed earlier, his appointment is subject to ratification by the Shareholders. The Company has initiated the process for seeking Shareholders ratification through Postal Ballot mechanism and the e-Voting for the same will be ending on Monday, January 16, 2023 (05.00 p.m. IST)," said BSE in its regulatory filing.
State Bank of India: The government had appointed Dinesh Kumar Khara as chairman of State Bank of India for a period of three years effective from 7 October, 2020. Earlier, Khara was appointed as managing director of SBI in August 2016 for a three-year term. He got a two-year extension in 2019 after review of his performance.
Canara Bank: L V Prabhakar was appointed MD and CEO of Canara Bank with effect from 1 February 2020. His term will end on 31 December 2022. He had replaced R A Sankara Narayanan. As per the official statement by Financial Services Institutions Bureau (FSIB), the body has recommended the name of K Satyanarayana Raju for the position of Managing Director & CEO in Canara Bank.
LIC: LIC's M R Kumar will end its term as chairman in March 2023. In January 2022, Kumar term was extended by one year. Prior to this, June 2021, he was given a nine-month extension in a view of LIC's initial public offering. The government had extended the term of M R Kumar from June 30, 2021, till March 13, 2022, the date when he completes three years, the sources had told PTI. Apart from this, the government had also extended the tenure of MD Raj Kumar, for a period of one year. Earlier this month, two government officials told Reuters that India aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer after a disappointing stock market debut. A private sector appointee to lead India's largest insurer, which manages 41 trillion rupees ($500.69 billion) in assets, would be a first in its 66-year history. The government is planning to broaden the eligibility criteria for appointment of LIC CEO so that private sector candidates can apply," said one of the government officials, who declined to be identified as the discussions are private, as reported by Reuters.
Bank of Baroda: The three-year term of MD and CEO Sanjiv Chadha will come to an end in January 2023. Chadha would be attaining 60 years, the usual retirement age for MD of nationalised banks, in June 2023. The Financial Services Institutions Bureau (FSIB) has also invited applications for the post of MD & CEO of BoB. Interested and eligible candidates can send in application from the FSIB official website i.e. fsib.org.in.
Bank of India: Atanu Kumar Das aka AK Das was appointed as MD & CEO of Bank of India in January 2020 for a period of three years. With this, his term ends in January 2023. FSIB has also invited applications for the post of MD & CEO of Bank of India. As per the FSIB, the applicant should be in the age group of 45 to 57 years as on November 30, 2022. The applicant should have at least 15 years of mainstream banking experience, of which at least one year should at the Board Level as on November 30, 2022. The applicant should also be a person of ability, integrity and standing with knowledge and experience in banking.
UCO Bank: Soma Sankara Prasad was appointed as MD & CEO of UCO Bank on 1 January 2022. As per the official statement, his term will end in May 2023 as he will attain the age of superannuation.
Indian Overseas Bank: Partha Pratim Sengupta was appointed as MD & CEO of Indian Overseas Bank in January 2020. His term ends on 31 December, 2022 as he will attain the age of superannuation, the bank had said in regulatory filings.