KVS Manian, joint MD at Kotak Mahindra Bank, has stepped down from his position with immediate effect, the bank informed the exchanges.

Previously, a whole-time director at the bank, Manian, was elevated to the position of joint MD effective March 1, 2024, as part of a leadership rejig at the private sector lender following the appointment of new MD and CEO Ashok Vaswani.

“KVS Manian, Whole-Time Director designated as Joint MD, has stepped down from his position to pursue other opportunities in the financial services sector,” the bank said in a release, adding that the board has accepted his resignation with immediate effect.

He spearheaded the growth of Wholesale Bank, Commercial Bank, Private Banking, Asset Reconstruction Division, and Wholesale Credit and oversaw the institutional equities and investment banking businesses of the group. Over his 29-year tenure at Kotak Group, he led various businesses across consumer, commercial, wholesale, and private banking businesses.

The bank announced a new reporting structure to leverage its leadership structure and drive a sharper focus and leadership oversight to its business following Manian’s exit.

The wholesale, commercial, and private bank businesses will now report directly to Vaswani, whereas the Asset Reconstruction Division will report to Deputy MD Shanti Ekambaram. Ekambaram will also oversee the investment banking and institutional equity businesses.

Ekambaram was also elevated as Deputy MD from whole-time director, effective March 1. In addition to the business segments inherited from Manian, she is in charge of the growth of 811, Treasury, and Global Markets businesses, in addition to overseeing the functions of Human Resources, Group Marketing & Corporate Communications, Internal Vigilance, Internal Audit (administrative matters), Public Affairs, Corporate Social Responsibility, and ESG. She will also continue to have oversight over Kotak Mahindra Financial Services Ltd. and Kotak Karma subsidiaries.

“Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come,” Vaswani said.