Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank (KMB), today appointed Shahrukh Todiwala as the new MD, CEO of the company, according to a statement. Todiwala succeeds Vyomesh Kapasi, who will now take over as the head of product-consumer bank vertical at KMB.

Ashok Vaswani, MD & CEO of KMB, said, “These appointments underscore the deep bench strength at Kotak and our commitment to fostering leadership talent. Vyomesh’s extensive experience and proven track record in driving growth and innovation will be invaluable as we continue to enhance our consumer products.”

“Shahrukh’s deep understanding of the vehicle financing market will ensure that KMPL continues to thrive and deliver exceptional value to our clients and stakeholders,” he said.

KMB’s earlier head of consumer bank vertical Ambuj Chandna had resigned from his position a month ago.