Kotak Mahindra Bank CEO Ashok Vaswani to Step Down After Current Term
Kotak Mahindra Bank CEO Ashok Vaswani will step down after his term ends in December 2026, prompting the bank to begin its succession planning process.
SociapaHQ
Kotak Mahindra Bank MD and CEO Ashok Vaswani, in a communication to the board of the bank, has said that he will not be seeking reappointment after the expiry of his term on December 31, 2026, due to personal reasons.
The bank said in a statement its board accepted Vaswani's decision at a meeting on Friday and had commenced the process to identify his successor in line with regulatory requirements.
The bank’s next managing director and managing director will be appointed through a formal search and succession planning exercise by the board before the end of Vaswani’s term.
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Banking Veteran:
Vaswani took charge as the head of Kotak Mahindra Bank on January 1, 2024, replacing the founder Uday Kotak who stepped down after heading the private sector lender for over two decades.
He will have been in charge of the bank for three years when he leaves at the end of 2026.
Vaswani had a long international career in banking, financial services and financial technology before joining Kotak Mahindra Bank.
More recently, he was President of AI-powered fintech company Pagaya and a non-executive director at the London Stock Exchange Group (LSEG).
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Before that he spent over 10 years at Barclays in a variety of senior leadership roles including Chief Executive Officer of Barclays UK and Chief Executive Officer of Personal and Corporate Banking.
Earlier in his career, Vaswani held senior leadership positions with Citigroup, including Chief Executive Officer of Consumer Bank Asia Pacific and Chief Financial Officer and Chief Administrative Officer of CitiCards. He started his professional career as a management consultant in A.F. Ferguson & Co.
