Kotak Bank Joint MD Manian resigns ‘to pursue other opportunities’
KVS Manian has stepped down as Joint Managing Director of Kotak Mahindra Bank, with immediate e ect, the bank informed the exchanges today.
Previously, a whole-time director at the bank, Manian, was elevated as Joint MD effective March 1, as part of a leadership rejig following the appointment of new MD and CEO Ashok Vaswani.
“KVS Manian, Whole-Time Director designated as Joint MD, has stepped down from his position to pursue other opportunities in the financial services sector,” the bank said in a release, adding that the board has accepted his resignation with immediate e ect.
LONG TENURE
Over his 29-year tenure, Manian spearheaded the growth of wholesale, commercial, private banking, the Asset Reconstruction Division, and wholesale credit. He also oversaw the institutional equities and investment banking businesses.
“Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level,” Vaswani said.
The bank announced a new reporting structure following Manian’s exit.
The wholesale, commercial, and private bank businesses will now report directly to Vaswani, and the Asset Reconstruction Division to Deputy MD Shanti Ekambaram. She will also oversee the investment banking and institutional equity businesses.
Ekambaram was also elevated as a Deputy MD from whole-time director, e ective March 1. In addition to the business segments inherited from Manian, she will be in charge of the growth of 811, treasury, and global markets businesses, besides overseeing HR, group marketing & corporate communications, internal vigilance, internal audit (administrative matters), public a airs, CSR and ESG. She will continue to have oversight over subsidiaries Kotak Mahindra Financial Services and Kotak Karma.