Karnataka Bank’s CEO and Executive Director Resign

In a significant change of guard, Karnataka Bank of Mangaluru has experienced a sea change at the top, with both MD & CEO Srikrishnan Hari Hara Sarma and Executive Director Sekhar Rao resigning effective respectively, July 15, 2025, and July 31, 2025. Both resignations were recognised at the Board of Directors’ meeting on Sunday.

In explaining his departure as MD & CEO, Sarma cited personal reasons and indicated he was shifting to Mumbai, where he will be joining another bank. Sarma assumed the role of MD & CEO on January 23, 2023. Executive Director Sekhar Rao also cited personal reasons for his resignation, along with not being able to shift to Mangalore. 

Also read: Vasudevan Srijin Named Head of HR at Toyota Kirloskar

The Board of Directors will assemble a search committee to fill the immediate leadership positions. In order to maintain leadership and stabilisation during the transition and to also shore up continuity, the Bank appointed Raghavendra Srinivas Bhat as Chief Operating Officer (COO) of the Bank effective July 1, 2025.

Mr. Bhat is an experienced veteran banker with 38 years of tenure with Karnataka Bank, and will be reporting from the Bank’s Head Office in Mangaluru.

The bank has assured stakeholders regarding the bank’s operational stability and overall financial strength; it also indicated that the Bank’s transformation strategy will not slow as part of the transition process. The bank also indicated that all aspects of the financial audit for FY25 have been completed.