Kotak Mahindra Bank CEO Vaswani won't seek reappointment after current term

New Delhi, June 27 (IANS) Private sector lender Kotak Mahindra Bank on Saturday said its Managing Director and Chief Executive Officer, Ashok Vaswani, has decided not to seek reappointment after the completion of his current term on December 31, prompting the board to initiate the process of appointing a new chief executive.

In a regulatory filing, the bank said Vaswani informed the board that due to personal reasons, he does not wish to seek reappointment when his current term ends.

"The Board has respected his decision and has initiated the process for the appointment of a new Managing Director and CEO," the bank said.

It added that the succession process would be completed within the applicable regulatory timelines and in accordance with the regulatory framework.

Vaswani took over as the Managing Director and CEO of Kotak Mahindra Bank in January 2024 after receiving approval from the Reserve Bank of India (RBI).

However, the lender did not disclose any further details on the reasons behind his decision or indicate any potential candidates for the top post.

The announcement comes more than six months before the completion of Vaswani's tenure, giving the bank adequate time to identify a successor and secure the necessary regulatory approvals before the new appointment takes effect.