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South Indian Bank hires Hunt Partners as it looks for new CEO and MD

South Indian Bank

South Indian Bank hires Hunt Partners for new CEO & MD

South Indian Bank has hired Hunt Partners as its leadership advisory firm to find its new Managing Director and Chief Executive Director, after Murali Ramakrishnan declined to be reappointed as the MD and CEO.

According to Moneycontrol, Ramakrishnan stated at a press conference that they have hired Hunt Partners to work closely with the bank and look for both internal and external candidates for the appointment of the new MD and CEO.

This comes after the private lender stated in a filing on March 28 that Ramakrishnan had requested not to be reappointed as MD and CEO due to personal and family circumstances when his term expires on September 30, 2023. The board discussed his request at its March 28 meeting, according to the statement.

South Indian Bank

In the same filing, the Kerala-based bank stated that the board formed a search committee to identify and evaluate suitable candidates for the positions of MD and CEO.

South Indian Bank’s stock dropped sharply on Wednesday. The stock fell 16.63% from its previous close of Rs 16.54 to a day low of Rs 13.79.

Today, approximately 89.49 lakh shares changed hands, which was more than three times the two-week average volume of 27.68 lakh shares.