KVS Manian is joint MD, Kotak Mahindra Bank

KVS Manian is joint MD, Kotak Mahindra Bank

Kotak Mahindra Bank has appointed full-time director KVS Manian as the Joint Managing Director, effective March 1, 2024. Manian’s redesignation is part of the private lender’s top leadership rejig after Uday Kotak, former MD and CEO, stepped down in September 2023. Manian will steer the growth of the wholesale and commercial bank, wholesale credit, private banking, and asset reconstruction divisions. He will provide insights into the group’s institutional equities and investment banking businesses. Manian is an alumnus of the Indian Institutes of Technology (BHU) - Varanasi, and Jamnalal Bajaj Institute of Management Studies, Mumbai. A company stalwart, he is a Cost and Works Accountant, bringing 30 years of experience within Kotak to his new role. In other moves, Shanti Ekambaram, currently a full-time director, has been re-named as the Deputy Managing Director and will continue to drive the growth of 811, treasury, and global markets businesses. She will oversee Human Resources, group marketing and corporate communications, internal vigilance, internal audit (administrative matters), public affairs, corporate social responsibility, and ESG. She will also steer Kotak Mahindra Financial Services Ltd and Kotak Karma subsidiaries. In the management rearrangement, Devang Gheewalla will take over as Group Chief Financial Officer following the superannuation of Jaimin Bhatt, the current President and Group Chief Financial Officer, whose term ends on March 31, 2024. Milind Nagnur, the bank's current Chief Technology Officer, has been appointed as the new Chief Operating Officer of the bank, effective April 1, 2024. Paul Parambi, the current Chief Risk Officer of the bank, has been appointed as the new Group Chief Risk Officer, effective March 1, 2024. With the new changes, Nagnur and Parambi have been elevated as senior management personnel with the bank.

Paytm’s Vijay Shekhar Sharma quits

Vijay Shekhar Sharma

Vijay Shekhar Sharma, Paytm founder and non-executive chairman of Paytm Payments Bank Limited (PPBL) has resigned, following RBI’s curb on the lender for repeated non-compliance. Sharma’s decision to quit is a step to overhaul its board in countering the regulatory strictures. One 97 Communications Ltd (OCL), the parent company, said that Sharma's stepping down will aid the payments bank during its current transition of board members. While OCL has withdrawn its nominee from the PPBL’s board; PPBL will commence assigning/hiring a new chairperson soon. OCL holds a 49 % stake in the paid-up share capital (directly and through its subsidiary) of PPBL, and Sharma holds a 51 % stake in the bank. Sharma said that his resignation from the board and the appointment of independent directors were strategic for the company’s smooth transition, enhancing governance structures. OCL has supported PPBL, opting for a board with only independent and executive directors, without any nominee. Paytm initiated several measures when the apex bank (RBI) barred its payments bank from accepting any customer deposits after February 29, 2024, citing repeated non-compliance with its rules. In January, RBI barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, 2024; the stricture has now been extended to a March 15 deadline. The payments bank has appointed Srinivasan Sridhar, former chairman of Central Bank of India, Debendranath Sarangi and Rajni Sekhri Sibal, who are retired civil servants; and Ashok Kumar Garg, former executive director of Bank of Baroda as independent directors on its board. The OCL board had formed a three-member group advisory committee chaired by M.Damodaran, the former chairman of the Securities and Exchange Board of India (SEBI)

Sudhanshu Vats takes charge as Pidilite’s MD designate

Sudhanshu Vats

Pidilite Industries promotes Sudhanshu Vats as Managing Director designate, as incumbent Bharat Puri prepares to step down after his tenure as the Managing Director of Pidilite Industries expires in April 2024. Vats is the current Deputy Managing Director of Pidilite Industries. The Board of Directors also approved Kavinder Singh as the company's Executive Director, as they reorganised its top management. The board of Pidilite, the makers of Fevicol, Dr Fixit, Fevikwik, and M-Seal hope to leverage Vats and Singh's combined expertise and leadership skills for its continued growth and success in the coming years. Before joining Pidilite Industries, Vats was the CEO and Managing Director at EPL Ltd (former Essel Propack Ltd). In his previous stint, he was the Group CEO and Managing Director for eight years with Viacom 18 Media and kick-started his career with Hindustan Lever as a management trainee in 1991. He therefore brings about three decades of career experience across the FMCG and media sectors across diverse functions in sales, marketing, and general management leadership roles. Vats was the Chairman of the National Media and Entertainment Committee of CII, Vice President of the Indian Broadcasting Foundation, and Director and Chaiman of the Broadcast Audience Research Council. He is on the Global Advisory Board of Columbia University, New York, and the advisory board of several NGOs. Vats is an alumnus of the National Institute of Technology, Kurukshetra, and the Indian Institute of Management, Ahmedabad.

Schneider ropes in Ingersoll’s Preeti Gupta Mohanty

Preeti Gupta Mohanty

Schneider Electric has appointed Preeti Gupta Mohanty as its Chief Financial Officer (CFO) for the Greater India zone, comprising India, Bangladesh, and Sri Lanka.In a strategic move, the global specialist in energy management and automation has roped in Ingersoll Rand’s former Vice President (Finance), ITS, EMEIA. Preeti is expected to fortify Schneider Electric's financial strategy, accelerating its regional growth trajectories. A finance veteran, Priti brings almost 20 years of diversified experience across fast-moving consumer goods (FMCG), consulting, and industrial sectors. Before joining Schneider Electric, Mohanty was the Region Vice President at Ingersoll Rand, where she oversaw the finance function for the EMEIA (Europe, the Middle East, India, and Africa) region. In this role, she successfully managed a $1.8 billion business, with 30+ manufacturing sites, and a finance shared service center based in Bengaluru. She led cross-cultural teams of finance professionals and navigated complex business landscapes that established her leadership prowess. Before joining Ingersoll Rand, she held important senior positions at GlaxoSmithKline Consumer Healthcare India, overseeing as the Internal Audit Head for GSK India’s listed entity. She led the monumental integration of Novartis's consumer business into GSK. In previous stints, she has been associated with Coca-Cola India and Deloitte. Preeti was recognised as one of the top 100 CFOs of India in 2023 and received the ‘Best Woman CFO’ award from the Dalal Street Journal in 2022. She is a Chartered Accountant (CA) in accounting and Finance from Delhi University and a CA final rank holder.

ADB appoints Mio Oka as Country Manager, India

Mio Oka

Mio Oka takes charge as the Asian Development Bank’s (ADB) new Country Director for India succeeding Takeo Konishi, who has been promoted as ADB Director General for South Asia at the Manila headquarters. Mio will spearhead ADB’s operations in India, forging partnerships with the government and other development stakeholders.Steering ADB’s continued partnership strategy with India (2023-2027), Mio will channel ADB’s development goals and economic growth in India, and implement ADB’s country partnership strategy for India, designed to catalyse robust, climate-resilient, and inclusive private sector-led growth. A Japanese national, she brings three decades of professional experience in development finance and project management and has been associated with ADB for 18 years in various capacities. She joined ADB as a Project Specialist in the Mekong Department in 2005. In some of her previous roles with ADB, she served as an advisor to the President for about six years, held a managerial role as a director in the agriculture and natural resources sector, and covered the South Asia region and Emerging Areas team for 7+ years. Before joining ADB, Mio worked with the Ministry of Foreign Affairs of Japan, the Japan Bank for International Cooperation, and the Japan International Cooperation Agency’s Bangladesh office. She is an alumnus of the London School of Economics (Master’s degree in social policy and planning in developing countries) and holds a bachelor’s degree in development studies and politics from the University of London.

Nikhil Joshi takes reins as MD of Boeing Defence India

Nikhil Joshi

The US aerospace major, Boeing has appointed former naval aviator Nikhil Joshi as managing director of Boeing Defense India (BDI), aimed at strengthening the company's operations and accelerating its growth strategy in India. Joshi will be based in New Delhi, and expected to steer BDI’s current and future programmes, enhancing the mission readiness and modernisation of India's defence forces. Joshi will report to Salil Gupte, President,of Boeing India and South Asia, working in close collaboration with Boeing Defense, Space and Security (BDS) and Boeing Global Services (BGS). Joshi brings 25 years of experience in the aerospace and defence sector which includes 20 years of services within the aviation branch of the Indian Navy. He is a Business and Operations Leader, with ability in Aerospace Manufacturing, including Leadership Strategy and Marketing. Before joining Boeing, Joshi was the Country Manager for Eaton Aerospace, starting as India Project Lead (Aerospace) and Plant Manager in June 2018. He managed in growing Eaton’s business footprint in India. He has commanded frontline ships and air squadrons and reigns as an aviator who clocked 4,000+ flying hours across various Maritime Reconnaissance planes. He is an alumnus of the Indian School of Business and Jawaharlal Nehru University. Boeing's India has 80+ years of engagement, currently running 11 C-17s, 22 AH-64 Apaches (with six more order), 15 CH-47 Chinooks, 12 P-8Is, three VVIP aircraft (737 airframes), and two Head of State aircraft (777 airframes), which are Boeing platforms.

PayU Payments ropes in former HDFC MD

Renu Sud Karnad

PayU Payments, the Prosus-owned fintech arm has appointed Renu Sud Karnad as chairperson and independent director in a bid to strengthen its board. PayU Payments is expected to leverage Renu’s extensive experience in steering HDFC, one of India's largest financial institutions as the company expands its reach and offerings.She is the current President of the International Union of Housing Finance (IUHF). Renu was the Managing Director of HDFC (Housing Development Finance Corporation) from 2010 to 2023 and continued as a Non-Executive Director on the board of HDFC Bank. She has had a long 45 years innings with the HDFC Group and became the executive director in HDFC after 22 years of her service. She is also the chairperson on the board of GlaxoSmithKline Pharmaceuticals. A postgraduate of Economics from the University of Delhi, she holds a Law degree from the University of Mumbai. She is also a Parvin Fellow Woodrow Wilson School of the Public and International Affairs, Princeton University, USA. This digital financial services provider has also inducted four more board members, enhancing the overall strength of the board to seven members, including Anirban Mukherjee, Chief Executive Officer, of PayU Payments, and Arvind Agarwal, Chief Finance Officer, PayU Payments. All the five new directors have joined the board including Jairaj Purandare (Independent Director), Gopika Pant (Independent Director), Laurent Le Moal (Non-Executive and Non-Independent Director) and Jan Bune (Non-Executive & Non-Independent director).

Alok Rungta is Future Generali's MD and CEO

Alok Rungta

Future Generali India Life Insurance has promoted Alok Rungta as Managing Director and CEO, effective March 2024. He succeeds Bruce De Broize, whose tenure as the MD and CEO expires on March 31, 2024. Rungta, a chartered accountant, until recently was the Deputy CEO and Chief Financial Officer (CFO) at Future Generali since February 2023. He is expected to continue steering the dynamic Indian market, bringing in new ideas, expanding the company’s reach, and adding value to the lives of their customers and stakeholders. Rungta, a stalwart in the insurance sector held executive positions at prominent insurance companies including AXA in the Philippines, Hong Kong, and Bharati AXA in India. He brings 25+ years of experience and has been transforming Future Generali India’s customer acquisition, sales innovation, engagement, and digital enablement operations.