Tamilnad Mercantile Bank finalises three candidates for MD and CEO post

Tuticorin-based Tamilnad Mercantile Bank (TMB) has said that it has finalised three candidates for the post of managing director (MD) and chief executive officer (CEO).

"We wish to inform you that pursuant to the recommendation of the Nomination and Remuneration Committee of the Board, the Board of Directors of the Bank in its meeting held on November 22, 2023, has finalised the names of three candidates, in the order of preference, for the position," the bank said in a regulatory filing.

It further added, "The bank has submitted an application to the Reserve Bank of India (RBI) with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD and CEO of the bank. On receipt of RBI approval, the bank shall duly make the requisite disclosures pursuant to the listing regulations."
It was at the end of September that the bank's MD and CEO, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons. This came within thirteen months since he was appointed on September 4 last year.

Krishnan, in his resignation letter, said, "Though I still have about 2/3rd of the term to go, due to personal reasons, I have decided to resign as Managing Director & CEO of the bank. However, as the bank has only one whole-time director, I will seek the guidance of RBI in this regard."

Krishnan also served as the MD and CEO of Punjab and Sind Bank from September 4, 2020, to May 31, 2022. He was also the Executive Director of Canara Bank from April 1 2020 to September 3, 2020, before joining Punjab and Sind Bank. Before Canara Bank, he served as the Executive Director of Syndicate Bank between November 1, 2017, and March 31, 2020.