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

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

Ramakrishnan said in 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, according to a report in Moneycontrol.  

This comes after the private lender said in a filing on March 28 that Ramakrishnan had requested to not offer himself for reappointment as MD and CEO due to personal reasons and family circumstances on the completion of his term on September 30, 2023. The board considered his request in the March 28 meeting, it said.

The Kerala-based bank also said in the same filing that the board constituted a search committee that will identify and evaluate suitable candidates for the position of MD and CEO. 

Shares of South Indian Bank fell sharply on Wednesday. The stock cracked 16.63 per cent to hit a day low of Rs 13.79 over its previous close of Rs 16.54.

Around 89.49 lakh shares changed hands today, which was more than thrice compared to the two-week average volume of 27.68 lakh shares. 

Also read: South Indian Bank shares dive 17% as MD & CEO opts out of reappointment