Mangalore-based Karnataka Bank said late on Sunday night that its managing director and chief executive officer (MD&CEO), Srikrishnan Hari Hara Sarma, and its executive director (ED), Sekhar Rao, have resigned from their positions, citing personal reasons among other factors. The board of the bank has accepted their resignations.
While Sarma cited personal reasons, including his decision to relocate to Mumbai, his resignation will be effective from July 15. Rao, who cited his inability to relocate to Mangaluru and other personal reasons, will step down with effect from July 31.
Following the departure of the MD&CEO and ED, the bank has formed a search committee to identify suitable candidates for both roles.
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