Kotak on the market for new CEO

Kotak Mahindra Bank has enlisted the services of Egon Zehnder, a global consulting firm, to lead a worldwide search for a new CEO to succeed its founder, Uday Kotak, according to Bloomberg news. Although internal candidates such as group presidents and whole-time directors Shanti Ekambaram and KVS Manian are being considered for the role, the board is expanding its search to include external candidates as well. There have been no official comments from Kotak Mahindra Bank or Egon Zehnder as yet.

Uday Kotak has been the head of the bank since its inception as a non-banking financial institution in 1985. Kotak Mahindra Bank had 1,752 branches across India at the end of 2022, and Kotak has a net worth of approximately $13.4 billion, according to the Bloomberg Billionaires Index. Kotak is expected to step down from his CEO position by the end of next year in accordance with central bank guidelines that limit tenures for Indian business heads. KVS Manian, in an interview in November, stated that Jay Kotak, Kotak’s son, is not a contender for the CEO position.

It is worth noting that Shanti Ekambaram, who has been with Kotak Mahindra Bank since 1991, is the bank’s highest-ranking woman. In addition to leading consumer banking, she oversees several functions, including online savings accounts, treasury, public affairs, and human resources, according to the bank’s website. KVS Manian, who joined Kotak Mahindra Bank in 1995, is a member of the group management council and heads the wholesale banking and wealth management businesses. Additionally, he has oversight responsibility for the investment bank and institutional equities businesses.

The next CEO of Kotak Mahindra Bank will take over at a critical moment for the bank, which, like its peers, has ambitious growth plans as the Indian economy expands. Traditional banks like Kotak face a significant obstacle related to greater technology adoption as they compete with new-age fintech firms.