Dhanlaxmi Bank appoints Federal Bank’s President & CHRO Ajith Kumar KK as its MD & CEO

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Dhanlaxmi Bank appoints Federal Bank’s President & CHRO Ajith Kumar KK as its MD & CEO

New Delhi – Private sector Dhanlaxmi Bank announced on Tuesday the appointment of Ajith Kumar KK as the Managing Director (MD) and Chief Executive Officer (CEO) of the bank. Ajith Kumar KK, a seasoned banker with over 36 years of experience at Federal Bank, will officially take charge on June 20, 2024. The announcement was made through a regulatory filing by the Kerala-based bank.

A Veteran Banker Takes the Helm

Ajith Kumar KK brings a wealth of experience to Dhanlaxmi Bank, having spent his illustrious career at Federal Bank, where he has excelled in various facets of banking. His extensive background includes significant roles in Credit, Human Resources, Business, and Branch Banking. Most recently, he served as the Chief Human Resources Officer (CHRO) at Federal Bank, holding the position of President.

Official Appointment and Tenure

The decision to appoint Ajith Kumar KK was approved by Dhanlaxmi Bank’s board during its meeting on Tuesday. The board confirmed his appointment as MD & CEO for a period of three years, starting June 20, 2024. This appointment is subject to the remuneration terms approved by the Reserve Bank of India (RBI) in a letter dated April 18, 2024.

Shareholder Approval Pending

In compliance with regulatory requirements, Dhanlaxmi Bank will seek approval from its shareholders for Ajith Kumar KK’s appointment within the prescribed time frame. This process will be conducted in accordance with the applicable provisions of the Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) regulations.

A Strategic Move for Dhanlaxmi Bank

Ajith Kumar KK’s appointment is seen as a strategic move by Dhanlaxmi Bank to leverage his extensive expertise and leadership skills. His deep understanding of the banking sector, coupled with his proven track record in managing diverse banking operations, positions him well to lead the bank towards achieving its strategic goals and enhancing its market position.

As Ajith Kumar KK prepares to take on his new role, the banking community and stakeholders will be watching closely to see the impact of his leadership on Dhanlaxmi Bank’s growth and development.

This appointment marks a significant milestone for Dhanlaxmi Bank as it continues to strengthen its leadership team with experienced professionals. The bank’s decision to bring in a veteran like Ajith Kumar KK underscores its commitment to enhancing its operational efficiency and delivering value to its shareholders and customers.

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