Devang Gheewalla to take over as CFO and Milind Nagnur as COO of Kotak Mahindra Bank on April 1

20 Feb 2024 , 01:10 AM

On Monday, Kotak Mahindra Bank revealed numerous senior management changes. With effect from April 1, 2024, Devang Gheewalla has been named the new Chief Financial Officer.

On March 31, 2024, Jaimin Bhatt, the group president and group chief financial officer who succeeded Gheewalla, will retire.

With effect from April 1, 2024, Milind Nagnur, who is the bank’s chief technology officer at the moment, has been named chief operating officer of the lender with its headquarters in Mumbai.

In a stock exchange statement, Kotak Mahindra Bank stated, ‘It may be noted that Mr. Nagnur shall continue to be the Bank’s Chief Technology Officer and will also be responsible for Operations of the Bank as well as the Group Technology Architecture and Cyber Security.’

Additionally, the bank declared that, as of March 1, 2024, KVS Manian, a whole-time director, has been reclassified as the joint managing director.

‘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,’ Kotak Mahindra Bank Whole-Time Director KVS Manian stated. My dedication lies in collaborating closely with my distinguished colleagues to propel our team forward, providing value to our stakeholders and consumers while maintaining our fundamental principles of ethics and honesty.

With effect from March 1, 2024, Shanti Ekambaram, a whole-time director of the bank, has been redesigned as the deputy managing director.

‘I thank the Board and the leadership team at Kotak for entrusting me with the role of Deputy Managing Director,’ stated Shanti Ekambaram, Whole-Time Director, Kotak Mahindra Bank. I’m excited to help our team continue to succeed and expand as we go into the next stage of Kotak’s growth. I pledge to work closely with the group to advance strategic goals, encourage creativity, and maintain our unwavering dedication to quality.

KVS Manian, a director of Kotak Mahindra Bank, was shortlisted by Federal Bank as a potential CEO candidate, according to reports on February 15.

Federal Bank has nominated two internal applicants for the MD and CEO positions, according to the sources.

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