Tuesday, 22 November 2016

TMB begins hunt for MD

Tamilnad Mercantile Bank is looking for a new Managing Director cum Chief Executive Officer. The announcement has come at least seven months ahead of the expiry of the current Managing Director HS Upendra Kamath’s term in office. Kamath assumed charge in July 2014 for a period of three years.
The 95-year old Thoothukudi-headquartered bank, caught in a number of legal battles over its ownership, has seen quite a churn of the people at the helm.
G Narayanamoorthy served for three years between 2006 and 2009. His two-year term ended in November 2008, but was extended at intermittent intervals till May.
G Nagamal Reddy took over in June 2009. He demitted office in 15 months. AK Jagannathan, who succeeded Reddy, was earlier the Managing Director of State Bank of Travancore. He served for a slightly longer period – 20 months – from September 2010 to May 2012, before seeking early retirement on health grounds.
KB Nagendra Murthy assumed charge next in July 2012. Murthy, who started his career as a probationary officer in Indian Bank, joined TMB as General Manager (Credit). He is said to be the first (existing employee) to be elevated to the MD’s post.
Current MD Kamath succeeded Murthy. During his tenure, the Court had directed the bank to convene the pending AGMs (from 88th to 93rd) on a single day from the receipt of the notice. The proceedings of the meeting, conducted in January this year, was recorded and sent to Court.
Subsequently a fully constituted board assumed charge in March.

Sandip Ginodia , Director 

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