IndusInd Bank says Chair Sunil Mehta to step down at end of term

Core Viewpoint - IndusInd Bank is undergoing a leadership change with Sunil Mehta stepping down as part-time chairman, to be succeeded by Arijit Basu, indicating a shift in governance amidst previous challenges faced by the bank [1][2]. Group 1: Leadership Changes - Sunil Mehta will resign as part-time chairman and director effective January 30, following the completion of his term [1]. - Arijit Basu, previously chairman of HDB Financial Services and former managing director of State Bank of India, will take over the role [1]. Group 2: Historical Context - Mehta's departure follows a series of leadership changes at IndusInd Bank, which faced investor criticism in 2025 due to accounting lapses, leading to the exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana [2]. - The bank's shares declined by 10% last year, making it the worst-performing stock on the private bank index, which overall increased by nearly 16% [2]. Group 3: Recent Developments - In December, it was reported that Mehta had communicated his intention to step down at the end of his term, indicating a planned transition in leadership [3].