Four months before his term was about to expire, billionaire Uday Kotak, who created Kotak Mahindra Bank, announced his resignation as managing director and CEO in September.
With effect from March 1, India’s Kotak Mahindra Bank named Shanti Ekambaram as deputy managing director and KVS Manian as joint managing director on Monday.
Manian and Ekambaram have almost 20 years of experience with Kotak, where they most recently held full-time director positions.
According to a statement from the bank, Ekambaram will lead the Treasury and Global Markets operations in addition to her current portfolio, while Manian will supervise the wholesale bank, commercial bank, private banking, asset reconstruction division, and wholesale credit.
The announcement of the appointments coincides with other local media stories claiming that Manian was considered for the Federal Bank CEO position.
Four months before his term was about to expire, billionaire Uday Kotak, who created Kotak Mahindra Bank, announced his resignation as managing director and CEO in September.
Though Ashok Vaswani, a seasoned banker, was chosen to succeed Uday Kotak, Manian and Ekambaram were among the front-runners.
With effect from April 1, the lender also appointed Devang Gheewalla as president and group chief financial officer.
On Monday, Kotak’s stock ended the day slightly down at 1,731.40 rupees. In 2023, they had increased by 4.4%, falling short of the Nifty Bank index’s 12.4% gain.
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