Kotak Mahindra Bank saw its first big rejig of its top deck after the arrival of Ashok Vaswani as the CEO and managing director.

The bank re-designated wholetime director K.V.S. Manian as the joint managing director on Monday.

Wholetime director Shanti Ekambaram was re-designated as the deputy managing director.

Devang Gheewalla succeeded Jaimin Bhatt as the group chief financial Officer with effect from April 1, 2024. Bhatt, will retire on March 31.

Milind Nagnur has been elevated as the chief operating officer of the lender with effect from April 1, 2024.

Kotak Mahindra Bank said he will continue to be its chief technology officer and will take additional responsibility for bank operations, group technology architecture and cyber security functions.

In his new role, he will be responsible for building the critical enablers that will fuel the bank’s aspirations for scale.

Paul Parambi was elevated as group chief risk officer with effect from, March 1, 2024, thereby extending his role from the bank to all companies in the group.

The private sector lender said in a statement that the changes have been made with a view to give impetus to its vision for ‘‘Accelerating Change’’ in becoming a customer-centric tech-enabled financial institution.

“I am delighted to share key leadership announcements that will shape the future of our group. These leadership changes demonstrate the value of stewardship and the depth of talent we have at Kotak,’’ Vaswani said.

He took over as the CEO & MD of Kotak Mahindra Bank with effect from January 1, 2024.

The changes come at a time of reports of Manian being among the three shortlisted for the CEO’s post at Federal Bank.

Manian has been appointed joint managing director with effect from March 1, 2024.
He will spearhead the growth of wholesale bank, commercial bank, private banking, asset reconstruction division and wholesale credit.

He will also continue to have oversight over the institutional equities and investment banking businesses of the group.

Ekambaram, who has been appointed as deputy managing director with effect from March 1, 2024, will continue to drive the growth of banking app 811, treasury and global markets businesses.

She will oversee human resources, group marketing and corporate communications, internal vigilance, internal audit (administrative matters), public affairs, corporate social responsibility and ESG. She will also continue to have oversight over Kotak Mahindra Financial Services Ltd.