IndusInd Bank shares jump 3 pc on re-appointment of Sumant Kathpalia as MD & CEO
Sep 16, 2022
Mumbai (Maharashtra) [India], September 16 : The share price of IndusInd Bank surged by around three per cent on Friday after the re-appointment of Sumant Kathpalia as managing director (MD) and chief executive officer (CEO) of the company.
On the BSE at 10.31 am, IndusInd Bank share was trading 2.71 per cent higher at Rs 1228.45. Earlier, the scrip surged to a high of Rs 1238.15.
IndusInd Bank shares witnessed good buying support despite general weakness in the market.
The Indian equities markets' key indices, Sensex and Nifty, were trading with a loss of more than 1 per cent.
The Board of Directors of IndusInd Bank at its meeting held on September 15, 2022, approved the re-appointment of Sumant Kathpalia as the Managing Director & CEO of the Bank, for a further period of three years, with effect from March 24, 2023, up to March 23, 2026.
The re-appointment is subject to the approval of the Reserve Bank of India and the Shareholders of the Bank, IndusInd Bank said in a regulatory filing to the stock exchanges on Thursday.
Kathpalia is a career banker with years of rich experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO prior to joining IndusInd Bank
At IndusInd Bank, he has been part of the core leadership team that joined the Bank 14 years ago and has been pivotal in turning the bank around.
As MD & CEO of IndusInd Bank Limited (March 24, 2020 - Current), Sumant led the Core Executive Team of the Bank which has successfully affected the Bank's business turnaround. He is responsible for the Bank's overall business strategy & execution, financial management, managing investor relations, mergers & acquisitions, evaluation of inorganic growth opportunities, digitization, compliance and governance.
He created a new and robust organisational structure to place a greater focus on customer interaction, portfolio and risk management, support new business direction and for stronger internal & external customer focus. He spearheaded the business growth of the Bank with marked improvement in key financial and business performance metrics, IndusInd Bank said.
