IDFC Bank elevates Sunil Kakar as MD and CEO for 3 years

New Delhi: Private sector lender IDFC Bank today announced the elevation of its CFO Sunil Kakar as the Managing Director and Chief Executive Officer of the company with effect from July 17 for three years.

Kakar has also been appointed as additional director. Both the appointments are subject to shareholders' approval at the annual general meeting (AGM).

Besides, the bank announced that the Board has approved the resignation of veteran banker Vikram Limaye from the post of MD and CEO who is set to join leading stock exchange NSE as its new Managing Director and CEO.

The Board of Directors has approved appointment of Sunil Kakar as the Managing Director and CEO of the company for 3 years with effect from July 17, 2017, IDFC bank said in a regulatory filing.

It further said the Board has accepted the resignation of Vikram Limaye as Managing Director and CEO of the company with effect from July 15.

Kakar joined IDFC as the Group Chief Financial Officer and was responsible for finance and accounts, business planning and budgeting and investor relations, among others.

Prior to joining IDFC, he had worked with Max New York Life Insurance Company since 2001 as CFO. He has also worked with Bank of America for 18 years in various roles.

Vikram Limaye will quit the Committee of Administrators (COA) for BCCI on July 14 when the Supreme Court reopens, to take over as the Managing Director and CEO of National Stock Exchange (NSE).

Limaye is a member of a panel appointed by the Supreme Court to administer the Board of Control for Cricket in India (BCCI).

The Securities and Exchange Board of India (Sebi) has cleared Limaye's appointment as head of NSE provided he gives up his role in COA.

Limaye was with IDFC since 2005 and has over 25 years of experience of working with financial institutions, global investment banks, international commercial banks, and global accounting firms.