Kotak Mahindra Bank has begun the search for a new managing director and chief executive officer after incumbent Ashok Vaswani informed the board that he will not seek reappointment at the end of his current term.
In an exchange filing on Saturday, the private sector lender said Vaswani's current term will conclude on Dec. 31, 2026. The bank said he decided against seeking another term for personal reasons.
"The Board has, at its meeting held today, respected his decision and has initiated the process for the appointment of a new Managing Director & CEO. The process will be completed within applicable regulatory timelines," Kotak Mahindra Bank said in the filing.
The bank added that the succession process has already been initiated and will be completed in line with applicable regulatory timelines.
Kotak Mahindra Bank Ltd. shares are likely to remain in focus on Monday after the lender said its Managing Director & Chief Executive Officer, Ashok Vaswani, has decided not to seek a fresh term after his current tenure ends on Dec. 31, 2026.
The announcement comes more than six months before the end of Vaswani's tenure, giving the lender sufficient time to complete the succession process.
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Kotak Mahindra Bank shares settled 0.75% higher at Rs 409 in the previous trading session, compared with the prior close of Rs 405.95. During the day, the stock touched an intraday high of Rs 413.80 and a low of Rs 407.20. Over the past 52 weeks, the stock has traded in a range of Rs 345.50 to Rs 453.20.
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