Federal Bank Ltd. is in the process of selecting a new chief executive officer, with the potential candidates’ list including two internal executives and K.V.S Manian, who recently resigned from Kotak Mahindra Bank Ltd., sources familiar with the matter revealed.
The board of Federal Bank is actively seeking a replacement for its current CEO, Shyam Srinivasan, whose term is set to conclude in September, as per the confidential information shared by the sources. Among the candidates being considered are Harsh Dugar and Shalini Warrier, both holding executive director positions within the bank, along with Manian. The board intends to forward this list of potential candidates to the regulatory authorities soon. The executive search process is being led by Egon Zehnder, a renowned executive search firm.
During a recent earnings call, Federal Bank acknowledged the identification of two internal candidates for the CEO role, although further details were not provided. When approached for comments, a spokesperson for the bank declined to offer any insights, while Manian remained unreachable for comment.
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Manian, who was previously considered a potential CEO candidate at Kotak Mahindra Bank, played a significant role in driving growth across various segments during his tenure there. However, the CEO position ultimately went to an external candidate.
Shalini Warrier, currently one of the highest-ranking female executives at Federal Bank, joined the institution in 2015 as the chief operating officer and expanded her role to include overseeing retail banking products in 2019. Meanwhile, Harsh Dugar, who has been with Federal Bank since 2016, initially served as the country head for corporate and institutional banking. He later assumed the role of executive director in 2023, following his tenure as group president and country head for wholesale banking.
Federal Bank boasts an extensive network of over 1,500 banking outlets and 1,400 ATMs, catering to a customer base exceeding 18 million, as per its official website. Speculations regarding Manian’s potential appointment as CEO have led to a surge in the bank’s share price, as reported by local media outlets this week.
As the search for Federal Bank’s new CEO progresses, the board’s decision will undoubtedly have significant implications for the future direction and growth trajectory of the institution.
