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April 10, 2001
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Money > Business Headlines > Report April 10, 2001 |
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Stage set for Gelli's exit as CMD of Global Trust BankBS Bureau The stage is set for the exit of Ramesh Gelli as chairman and managing director of Global Trust Bank. In a press released late on Monday, the bank said its board of directors will meet this week and take a decision "to fill in the positions of chairman and managing director with suitable independent professionals," thereby implying that Gelli will not continue in the position. Sources close to the bank, however, said that Gelli was likely to continue as chairman while stepping down as MD. The press note said the restructuring of the management was aimed at giving a "new look to the organisation and to prepare it for future challenges and opportunities." The bank said that in accordance with a restructuring study submitted by Hewitt Associates, it had decided to separate the positions of chairman and managing director in July 2000. At that time, Gelli had expressed his desire to step down from the post of managing director, but this did not come about due to the discussions on the proposed merger with UTI Bank, the release said. Gelli's term ended on March 31 and the bank board had proposed a three-year renewal. However, of late Gelli who had set up the bank had been under pressure to give up his powers. Powered by ALSO READ:
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