Karnataka Bank Ltd has announced top-level management changes with the present Managing Director and Chief Executive Officer (MD and CEO) of the bank, P Jayarama Bhat, assuming the charge of part-time non-executive Chairman of the bank on Wednesday.
The Chief General Manager of the bank, Mahabaleshwara MS, who is appointed as MD and CEO of the bank, will assume office on April 15.
The board of directors of the bank, which met in Mangaluru on Wednesday, appointed Mahabaleshwara as MD and CEO of the bank for a period of three years from the date of assuming charge, as per the approval received from Reserve Bank of India (RBI), which was in accordance with the board’s earlier recommendation.
The board appointed Jayarama Bhat as the new Chairman of the bank, as per the approval received from RBI, in pursuant of the board’s earlier recommendation to this effect. The Chairman’s post was vacant since October 26 on retirement of Ananthakrishna. Jayarama Bhat assumed charge as part-time non-executive Chairman of the bank on Wednesday.
Jayarama Bhat had taken the reigns of the bank as MDand CEO on July 14 2009. Initially appointed for three years, he got extension for two terms up to July 13 2018.
Addressing presspersons in Mangaluru on Wednesday, Bhat said he voluntarily opted to relinquish his present post of MD and CEO. The present changeover was well thought of corporate succession planning and to pave way for younger generation to take the reign, he said.
Stating that Mahabaleshwara’s appointment is a well thought process of succession planning, Bhat said he was spotted early and being groomed for the top post over the period.
Thanking Bhat for being his mentor, Mahabaleshwara said Bhat has set a new standard for corporate succession planning by nominating him, even when Bhat had about 15 months left in his present term as MD and CEO.