Kotak Mahindra Bank announces key changes to its leadership team

Kotak Mahindra recently announced a strategic reshuffle of its senior leadership. By making this decision, it hopes to strengthen its leadership team and further its growth and innovation ambitions. Since March 1, 2024, the financial behemoth has renamed Shanti Ekambaram as Deputy Managing Director and KVS Manian as Joint Managing Director. Manian and Ekambaram were prominent leaders who held full-time positions as directors.

In addition, starting of April 1, 2024, the bank has renamed Devang Gheewala, the Chief Financial Officer (CFO), as the group CFO. This is because of the retirement of Jaimin Bhatt, who is now the Group President and Chief Financial Officer. Additionally, the bank named Milind Nagnur its Chief Operating Officer, effective April 1, 2024. Currently, he serves as the Bank’s Chief Technology Officer (CTO). According to the bank, Mr. Nagnur would be in charge of Group Technology Architecture and Cyber Security besides managing bank operations.

Finally, as of March 1, 2024, Paul Parambi, the Chief Risk Officer in place, has been elevated to the position of Group Chief Risk Officer.

This is a significant change at the top after Ashok Vaswani was appointed the bank’s managing director and chief executive officer. In a statement, the leader stated that the decision to restructure upper management would significantly impact the bank’s future.

Manian is set to assume responsibility for the management of the wholesale, commercial, institutional equities, private banking, wholesale credit, and asset reconstruction divisions. The growth of 811, treasury, and international markets will be led by Ekambaram, besides HR, group marketing, business communications, internal vigilance, internal audit (administrative concerns), public affairs, CSR, and ESG. Additionally, she will supervise the operations of the subsidiaries Kotak Karma and Kotak Mahindra Financial Services.

The capacity for multitasking of these individuals is a great illustration of the bank’s breadth of expertise and managerial potential.