Private sector lender Kotak Mahindra Bank announced that its Managing Director and Chief Executive Officer, Ashok Vaswani, will not seek reappointment after his current term ends on December 31. Vaswani cited personal reasons for his decision, prompting the board to start the process of appointing a new CEO.
The bank stated that it respects Vaswani’s choice and has begun the search for a new Managing Director and CEO. The succession plan will adhere to regulatory timelines and guidelines.
Ashok Vaswani assumed the role of Managing Director and CEO of Kotak Mahindra Bank in January 2024 following approval from the Reserve Bank of India. The bank, however, did not disclose further details regarding Vaswani’s decision or any potential candidates for his replacement.
The bank’s recent financial performance revealed a consolidated net profit of Rs 5,423 crore in the fourth quarter of FY26, with a net interest income (NII) of Rs 7,876 crore. Kotak Mahindra Bank’s shares closed at Rs 409 on the BSE on Thursday, with a 52-week high of Rs 452.98 and a low of Rs 345.40.
