Uday Kotak has been the bank’s CEO since its inception in 1985 as a non-banking financial institution.
According to people familiar with the matter, Kotak Mahindra Bank Ltd.’s board has hired consulting firm Egon Zehnder to lead a global search for a CEO to replace its billionaire founder Uday Kotak.
According to sources, group presidents and full-time directors Shanti Ekambaram and KVS Manian are internal candidates for the top job. The board is broadening its search to find suitable external candidates, they said, declining to be identified because they were discussing confidential information.
A representative for Kotak Mahindra Bank declined to comment, and an Egon Zehnder representative did not immediately respond to requests for comment.
Uday Kotak has been the bank’s CEO since its inception in 1985 as a non-banking financial institution. In 2003, it became a commercial lender. As of the end of 2022, Kotak Mahindra Bank had 1,752 branches across India. According to the Bloomberg Billionaires Index, Uday Kotak has a net worth of approximately $13.4 billion.
After central bank guidelines limited the tenure of Indian business leaders, the billionaire banker will step down as CEO by the end of next year. In an interview in November, Manian stated that his son Jay Kotak is not a candidate for CEO.
Ekambaram joined Kotak Mahindra Bank in 1991 and is now the bank’s highest-ranking female executive. According to the bank’s website, she is in charge of several functions, including online savings accounts business, treasury, public affairs, and human resources. She is still in charge of the company’s consumer banking. Manian, who joined the group management council in 1995, is in charge of wholesale banking and wealth management. He is also in charge of the investment bank and institutional equities businesses.