Looking ahead: Financial sector braces for leadership changes in 2025

Two public sector banks, Punjab National Bank (PNB) and Indian Bank, will welcome new leaders at the start of the year as their current incumbents retire on December 31, 2024

The financial sector could see new faces at the helm of banks and insurance companies with over half a dozen chief executive officers (CEOs) set to hang up their boots in 2025. 

Two public-sector banks (PSBs) — Punjab National Bank and Indian Bank — will see new faces right in the beginning of the year with incumbents, Atul Kumar Goel and S L Jain, retiring on December 31. The Financial Services Institutions Bureau (FSIB) had recommended Ashok Chandra for the top post in PNB and Binod Kumar at Indian Bank. 

Among other PSBs, Central Bank of India’s Managing Director (MD) and CEO M V Rao will see his current term end in July, while Canara Bank’s MD and CEO K S Raju’s term will conclude in December. 

Punjab and Sind Bank’s MD and CEO Swarup Saha’s current term is set to expire in June. However, with two years remaining before he turns 60, Saha is eligible for reappointment. 

In the private sector, all eyes are on IndusInd Bank’s MD and CEO Sumant Kathpalia, whose current term ends in March 2025.  The bank’s board has recommended a three-year extension for Kathpalia, who has held the position since March 24, 2020. 

  In March 2023, the Reserve Bank of India had approved a two-year extension for Kathpalia, while the bank’s board had approved his re-appointment for three years. 

Life Insurance Corporation of India (LIC) is likely to see a change in leadership as its MD and CEO Siddhartha Mohanty is set to superannuate in June after reaching the age of 62. General insurer Oriental Insurance MD & CEO Rashmi Raman Singh’s current term also ends in February.