Spencer Stuart to help pick new IndusInd CEO

Lender may also look at other search firms for other senior positions

- Devina Sengupta

IndusInd Bank has shortlisted Spencer Stuart to search for a new chief executive after Sumant Kathpalia stepped down Tuesday as its managing director and CEO. The bank, which a committee of executives will run for now, is expected to finalize its new chief in a couple of months, said senior executives aware of the development.

IndusInd Bank's deputy CEO Arun Khurana also resigned this week after accounting discrepancies were recently discovered in the bank's derivatives portfolio.

"Spencer Stuart was selected in March and the search for the new CEO should get over in the next couple of months. For good corporate governance, the bank may look at other search firms for its other senior positions or even take someone internally. But Spencer Stuart will take care of the CEO mandate," said a senior executive aware of the development.