CSB Bank in a regulatory filing said on Saturday that C V R Rajendran, managing director & CEO of the bank, has decided to take an early retirement from the post to take care of his health under the advice of his physicians.

Rajendran will continue to lead the Bank till March 31, 2022. CSB sources further said that the Board has decided to constitute a search committee to identify and evaluate candidates from internally or externally for the position of MD & CEO. It has also been decided to engage an independent executive search firm in this connection.

His decision to move on from the post of MD & CEO has been approved by the board of directors in a meeting held on Saturday. Rajendran has been MD & CEO since December 9, 2016, and the current term is up to December 8, 2022.

He was instrumental in bringing Rs 1,208 crore of primary capital in CSB Bank from FIH Mauritius Investments (a subsidiary of Fairfax India Holdings) and also led CSB Bank through a successful initial public offering.