Kotak Mahindra Bank shares rally 4% to hit 52-week high after CTO appointment, senior leadership changes

Shares of Kotak Mahindra Bank surged as much as 3.8% on Monday to a 52-week high of Rs 2,162.90 on the BSE. The rally came after the private lender announced key leadership changes, including the appointment of a new chief technology officer, aimed at strengthening its senior management team.

The stock outperformed the benchmark Nifty Bank index, which is trading 2% higher on Monday. Kotak Mahindra Bank shares have risen nearly 15% so far this year.

The bank said in an exchange filing on Sunday that its board of directors had appointed Bhavnish Lathia as the new chief technology officer and a senior management personnel of the bank. Lathia, who has been overseeing customer experience and technology for the consumer bank since 2022, replaces Milind Nagnur, who resigned from the role in February due to personal reasons.

“Bhavnish has been instrumental in driving our technology initiatives for the last three years, building a world-class team of engineers to help drive our technology agenda,” said Ashok Vaswani, managing director and chief executive officer of Kotak Mahindra Bank.

“With Bhavnish’s leadership, we will achieve our ambitious agenda and set the bar for technology leadership in the banking industry,” Vaswani added.

The board also named Vyomesh Kapasi, head of consumer bank – product, as a member of the group management council and a senior management personnel. Kapasi, who has spent three decades with the Kotak Mahindra Group, brings deep experience in retail assets and auto finance.Additionally, the bank identified six executives as part of its senior management personnel, including Pranav Mishra, head of consumer bank – distribution; Phani Shankar, chief credit officer; SK Honnesh, group general counsel; Anupam Kaura, chief human resources officer; Rohit Bhasin, chief marketing officer; and Rajiv Mohan, treasurer.The leadership reshuffle underscores the bank’s focus on strengthening its technology capabilities and consumer banking franchise as it looks to scale up operations in a competitive market.

Also read | Bhavnish Lathia assumes charge as Kotak Mahindra Bank’s CTO

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