Kotak Mahindra Bank taps Egon Zehnder to replace CEO Uday Kotak

Uday Kotak has been leading the bank since its inception as a non-banking financial institution in 1985.

Kotak Mahindra Bank's board has engaged consulting firm Egon Zehnder to lead a global search for a CEO to replace its founder Uday Kotak, people with knowledge of the matter said. Group presidents and whole-time directors Shanti Ekambaram and KVS Manian are the internal candidates for the top job.

According to Bloomberg Billionaires Index, the board is expanding the search to ensure it finds suitable external candidates.

Uday Kotak has been leading the bank since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. Kotak Mahindra Bank had 1,752 branches across India as of the end of 2022. Uday Kotak has a net worth of about $13.4 billion, according to Bloomberg Billionaires Index.

The billionaire banker will transition from his CEO position by the end of next year, after central bank guidelines capped tenures for Indian business heads. His son Jay Kotak is not a contender for CEO, Manian had said in an interview in November.

Ekambaram joined Kotak Mahindra Bank in 1991 and is now its highest-ranking woman. She oversees several functions including online saving accounts business, treasury, public affairs and human resources, the bank’s website shows. Manian, who joined in 1995, is part of the group management council, heading wholesale banking and wealth management business.

The bank’s net income jumped by 31% to 27.9 billion rupees ($337 million) in the quarter ended December, backed by strong demand for credit in India. It is also exploring a minority sale in its general insurance business, Bloomberg News has reported.