 "Kotak Mahindra Bank announces key changes to its leadership team")
In a major reorganisation of its senior management, Kotak Mahindra Bank (KMB) on Monday redesignated KVS Manian as joint managing director and Shanti Ekambaram as deputy managing director, with effect from March 1, 2024. Manian and Ekambaram are currently whole-time directors (WTDs) and key managerial personnel at the private lender.
Additionally, the bank made announcements with respect to appointment of chief operating officer (COO), group chief financial officer (CFO) and group chief risk officer (CRO).
This is a major overhaul at the leadership level after Ashok Vaswani came on board as managing director & chief executive officer of the bank.
“I am delighted to share keyleadership announcements that will shape the future of our group," Vaswani said in a statement. "These leadership changes demonstrate the value of stewardship and the depth of talent we have at Kotak,” he added.
The bank said that Manian will spearhead the growth of wholesale bank, commercial bank, private banking, asset reconstruction division and wholesale credit. “He will also continue to have oversight over the institutional equities and investment banking businesses of the group,” the release stated.
Manian said: “We are embarking on an exciting journey of growth and innovation, and I am honoured to step into this new role as joint managing director. I am committed to working closely with my esteemed colleagues to drive our group forward, delivering value to our customers and stakeholders while upholding our core values of ethics and integrity”.
Ekambaram will continue to drive the growth of 811, treasury and global markets businesses. This would be in addition to overseeing the functions of human resources, group marketing & corporate communications, internal vigilance, internal audit (administrative matters), public affairs, corporate social responsibility and ESG. She will also continue to have oversight over Kotak Mahindra Financial Services and Kotak Karma subsidiaries.
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“…As we embark on the next phase of scaling up Kotak, I look forward to contributing to the continued success and growth of our group," Ekambaram said. "I am committed to collaborate closely with the team to drive strategic initiatives, foster innovation and uphold our commitment to excellence,” she added.
As part of the leadership changes, the bank appointed Devang Gheewalla the president and group CFO, with effect from April 1, 2024. This is consequent to the superannuation of Jaimin Bhatt, currently president and group CFO, on March 31, 2024. Bhatt has been a part of the key leadership team of Kotak. Gheewalla, too, has been a part of it since 2014.
The bank also appointed Milind Nagnur, currently the CTO, as COO with effect from April 1, 2024. Nagnur will continue to be the bank’s CTO and also be responsible for operations of the bank as also the group technology architecture and cyber security function. In his new role, he will be responsible for "building the critical enablers that will fuel aspirations for scale".
Paul Parambi, currently the bank’s CRO, has also been elevated to the position of group CRO, from March 1, 2024. In his new role, Parambi will be extending his expertise in assessing risk to group companies, it added.
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