In a major development, Kotak Mahindra Bank on April 30, 2024 through an exchange filing announced that Krishnan Venkar Subramanian (KVS Manian), has resigned from his position as Whole-time Director designated Joint Managing Director.
The recent resignation of KVS Manian, who was appointed as the Joint MD of Kotak Mahindra Bank just two months ago has sparked many online reactions from netizens.
Screengrab of KVS Manian resignation |
In a recent post shared by Shereen Bhan, the Managing Editor of CNBC TV18 News, on her social media platform X, (formerly Twitter) highlights the unexpected resignation of KVS Manian from his position as Joint MD at Kotak Mahindra Bank, mere months after his promotion.
Her X post also highlights about the speculation that KVS Manian may be considering to move to Federal Bank, although this remains unconfirmed at present.
The post also adds that the timing of Manian's resignation is particularly noteworthy, given the impending end of the term for the CEO of Federal Bank, adding intrigue to the situation.
The tweet also raises questions about whether Manian had assured the Kotak Mahindra Bank board that he wouldn't explore other options before his promotion.
Netizens reaction
The post received numerous responses from netizens reacting to the recent resignation of the Joint MD at Kotak Mahindra Bank.
An X user, Sanjay Lazar, wrote, "Do you believe Shyam Srinivasan won’t get renewed at the end of September. ? He’s grown the biz very well."
Another X user Pritam Agrawal wrote, "Congratulations to KVS Manian..long pari now going to end and heard a lot about him during the job .. really worrisome for kotak Bank."
"I think banks have the highest switch ratio in all industries. One manager is easily found managing another bank in 6 months. same with the top management . Too much witch hunt?," added another X user
"Please remember banks had attrition rate of Mid thirties. When i saw that few years back i was surprised. I thought its probably 1 bank but slowly realised its across the banking industry excluding PSU . So top management and board levels are too in the similar boat," added an X user named Sanjay Panda.
