SBI fills senior positions with succession plan in mind

Appoints seven new deputy managing directors

On the heels of elevating Arundhati Bhattacharya as a managing director, the State Bank of India (SBI) has appointed seven new deputy managing directors. This is  move is part of a succession plan to fill key positions at SBI and its associate banks.

A senior SBI executive said seven chief general managers had been elevated to deputy MDs. Those promoted and waiting for new assignments include V G Kannan, president and chief operating officer at SBI Capital Markets Ltd, J N Misra, chief general manager (Maharashtra and Goa circle) at SBI and P K Malhotra, chief general manager (project finance), SBI.

The selection process for promotion at chief general manager level is underway, said SBI executives. The churn at the top was set in motion following the retirement of Diwakar Gupta, managing director and chief financial officer at end-July. Next in line to hang up his boots is SBI chairman Pratip Chaudhuri at September-end.

Prior to moving to SBI, Bhattacharya was managing director and chief executive at SBI Capital Markets.

Bhattacharya, whose term runs up to March 31, 2016, is seen as a strong contender to become the chairperson of the bank when Chaudhuri retires. To become eligible as SBI chairman, a candidate needs to have at least two years of remaining service.

Among the current managing directors, no one meets the criterion — two of them will retire before April 2014 and one before November 2014. SBI’s MDs are Hemant Contractor (international banking); A Krishna Kumar (national banking group) and S Viswanathan (subsidiaries and associates).