Kotak Mahindra Bank's new CEO Ashok Vaswani rejigs top leadership at the firm

Ashok Vaswani, the newly-appointed managing director and chief executive of Kotak Mahindra Bank, on Monday announced some key leadership changes by elevating K V S Manian as joint managing director and Shanti Ekambaram as the deputy managing director.

"These key leadership changes will shape the future of the bank and demonstrate the value of stewardship and the depth of talent we have at Kotak," Vaswani was quoted as saying in a statement. While some appointments are effective March 1 others are effective April 1.

Under the new role, Manian will spearhead growth of wholesale, commercial and private banking, along with asset reconstruction division and wholesale credit. He will continue to have oversight over the institutional equities and investment banking businesses of the group.

Ekambaram as the new deputy managing director will continue to drive the growth of 811, treasury and global markets businesses 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 continue to have oversight over Kotak Mahindra Financial Services and Kotak Karma subsidiaries, the statement added. Both Manian and Ekambaram have been associated with the group for a long and are whole-time directors.

The other appointments include Devang Gheewalla succeeding Jaimin Bhatt as the group chief financial officer with effect from April 1. Bhatt is superannuating on March 31.

Milind Nagnur has been elevated as chief operating officer from April 1 but will also continue to be the chief technology officer and will take additional responsibility for bank operations, group technology architecture and cyber security functions.

Paul Parambi has been elevated as the group chief risk officer effective March 1, thereby extending his role from the bank to all group companies.

Last November, the bank's founder and vice-chairman Uday Kotak announced his resignation from executive positions at the bank effective end-December, which though was much before his RBI-mandated retirement, citing personal reasons.

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