Kotak Mahindra Bank senior retail banking executive resigns; shares reduce

A senior retail banking executive at Kotak Mahindra Bank Ltd has resigned, following which the lender’s shares fell on January 30.

The private lender’s head of consumer products Ambuj Chandna has resigned, the bank confirmed. At 2:15 pm, shares of the Mumbai-headquartered lender were trading 1.4% lower at Rs 1,894 per share.

“Ambuj Chandna, head of consumer products, has decided to pursue new opportunities outside the bank after a successful stint with us. We thank Ambuj for his contributions and wish him success in his future endeavours.

The leadership change is a natural part of the evolution of our organisation, reflecting the dynamic nature of career development and progression and the deep bench strength at Kotak. We will announce a new leader for this role shortly.

Kotak Mahindra Bank’s official spokesperson said, “We are committed to maintaining strong leadership and continuing our growth trajectory.” The move comes at a time when group president and head of consumer banking Virat Diwanji resigned from his position on July 31 due to his retirement.

Earlier this month, chief operating officer and chief technology officer Milind Naganur also stepped down citing personal reasons. In his resignation letter, Milind Naganur said he intends to return to the US to take care of family members.

The resignation letter dated January 3 confirmed that his last day at the bank would be February 15, 2025. Ashok Vaswani took over as MD and CEO of Kotak Mahindra Bank on January 1, 2024. In September 2023, Kotak Mahindra Bank founder Uday Kotak decided to step down from the MD and CEO position.