Suspense crime, Digital Desk : Karnataka Bank is facing a major leadership shake-up after its Managing Director & CEO, Srikrishnan Harihara Sarma, and its Executive Director, Sekhar Rao, both submitted their resignations. The bank’s Board of Directors has accepted both resignations in a move that has sent ripples through the market.
Srikrishnan Harihara Sarma’s departure is particularly noteworthy as it comes less than a year after he took the helm in July 2023. Citing “personal reasons,” his resignation is effective immediately.
In a move to ensure continuity, the board has appointed the outgoing Executive Director, Sekhar Rao, as the interim Managing Director & CEO. This appointment is currently pending approval from the Reserve Bank of India (RBI). Rao will lead the bank while a search for a permanent successor is underway.
To manage this critical transition, the board has formed a special committee of directors to oversee the process of identifying and appointing a new, permanent MD & CEO.
This abrupt change at the top has unsettled investors. Following the announcement, Karnataka Bank’s shares tumbled by over 6% on the stock market, reflecting concerns over the leadership instability. The bank is now entering a crucial period as it navigates this transition and seeks to find a new, long-term leader to steer its future.
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