Kotak Mahindra Bank's board has engaged consulting firm Egon Zhender to lead a global search to replace Founder CEO, Uday Kotak, according to a Bloomberg report. This has been done to expand the search to ensure it finds suitable candidates.
Internal contenders for the job include group Presidents and whole-time directors Shanti Ekambaram and KVS Manian. Kotak's son Jay Kotak is not a contendor for the job.
Uday Kotak has been leading the bank since inception and will transition from his CEO position by the end of next year after RBI's guidelines capped tenures for Indian business heads.
A representative for Kotak Mahindra Bank declined to comment, while a representative for Egon Zehnder didn’t immediately respond to requests for comment.