Daijiworld Media Network - Mangaluru
Mangaluru, Apr 12: Mahabaleshwara M S has been appointed managing director and CEO of Karnataka Bank for a period of three years.
He takes over the charge from Jayram Bhat, who has been appointed as chairman of the Bank.
The announcement came during a press meet held at Karnataka Bank's head office here on Wednesday April 12.
Jayarama Bhat had taken the reigns of the bank as MD and CEO on July 14, 2009, initially appointed for a period of three years. His tenure was then extended for two more terms upto July 13, 2018. He voluntarily opted to relinquish his post of MD & CEO and the present changeover was well thought in view of corporate succession planning and to pave way for younger generation to take the reign, Jayaram Bhat said during the press meet.
The new MD and CEO Mahabaleshwara M S has been 'Karnataka Bank Man' for the last 32 years and has rich banking experience both at operational and administrative levels. He did his masters in agricultural sciences (MSc Agri) with specialization in agronomy, from the University of Agricultural Sciences (UAS), Bengaluru. He is a Certified Associate of the Indian Institute of Bankers (CAIIB) and also holds postgraduate diploma in business management from St Aloysius College, Mangaluru.
He started his career in Karnataka Bank in 1984. After a number of departmental promotions, on August 28, 2013 he was promoted as chief general manager, the number two position in the Bank. He has also served as non-executive director on the Board of Universal Sompo General Insurance Co Ltd, as the nominee of Karnataka Bank.
Mahabaleshwara M S hails from Mavinakudige-Thotadur of Malnad district of Chikkamagaluru.
Congratulating the new MD and CEO, P Jayarama Bhat said, "The challenges were many, but we have been able to convert the challenges into opportunities, and as a result I am happy that Karnataka Bank has emerged stronger. After an eventual tenure of almost eight years as MD and CEO, I am happy to voluntarily relinquish the office and give the responsibility to Mahabaleshwara M S. His appointment is a well thought process of succession planning; he was spotted early and was being groomed for the top post over the period. Now it is time for me to happily entrust the banks leadership to him and focus on ensuring the highest standards of corporate governance as chairman of the Bank's board."
Accepting his elevation, Mahabaleshwara M S said, "I am fortunate to have Jayaram Bhat as my mentor. He has set a new standard for corporate succession planning by nominating me, even when he had about 15 months left in his present term as MD and CEO. This will be regarded as an exemplary act by the industry. Karnataka Bank reached new heights under his leadership and I am aware of the responsibility to take the legacy forward.
"With the support and cooperation of 8,000-plus strong workforce, directions from professional board, invaluable guidance from Reserve Bank of India, high degree of confidence of shareholders and by duly banking on the loyalty of 8 million-plus customers, I am determined to take the bank to new heights in every single field of corporate re-positioning, thus focusing on value creation for all the stakeholders and in the process making Karnataka Bank a big, strong and vibrant bank. I solicit the support of all the stakeholders in making this journey an exciting, rewarding and memorable one," he added.