South Indian Bank has confirmed its Managing Director and Chief Executive Officer, PR Seshadri, has decided to step down and not offer himself for reappointment. This means he will no longer serve as the MD & CEO of South Indian Bank after his tenure ends on Sept. 30, 2026.
PR Seshadri has opted not to offer himself for reappointment in order to pursue his personal interests, the lender confirmed in an exchange filing Friday morning.
South Indian Bank adds that the company is taking necessary steps to identify a successor for PR Seshadri for the MD & CEO position, appointment of which would require approval from the Reserve Bank of India.
Following the announcement of PR Seshadri's impending exit, shares of South Indian Bank have fallen as much as 18% in trade on Friday, reaching an intraday low of Rs 36.05, which is a three-month low.
An alum of IIM Bangalore, Seshadri took on the role of MD & CEO of South Indian Bank on Oct. 2023. Previously, he had served as the MD & CEO of Karur Vysya Bank between Sept 2017 and March 2020. Seshadri had also served as the CEO of BFC Bank Limited, as well as the Managing Director, Head of Sales and Distribution in Citibank Asia-Pacific.
Seshadri's exit comes just two weeks after the lender recorded the highest-ever quarterly net profit in its third quarter results of FY26. The bank on January 15 reported a net profit of Rs 374 crore for the quarter ended December 31, 2025 (Q3FY26), marking a 9% increase from the Rs 342 crore posted in the same period last year.
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