Mangaluru: In a significant reshuffle at the top, Karnataka Bank’s Managing Director and CEO, Srikrishnan Hari Hara Sarma, has tendered his resignation, which will come into effect on July 15. Sarma cited personal reasons, including his decision to return to Mumbai, as the basis for his departure.

Adding to the leadership shake-up, Executive Director Sekhar Rao has also stepped down, citing the inability to relocate to Mangaluru and other personal constraints. His exit will be effective from July 31.

To manage the transition, the private sector lender has formed a search committee tasked with identifying suitable successors. In the interim, a seasoned senior banker has been appointed as Chief Operating Officer and will assume charge on July 2.

In a statement, the Bank reassured stakeholders that all audit-related matters from FY25—specifically an "Emphasis of Matter" in the auditor's note—have been amicably settled. The Bank reaffirmed its financial soundness and said its transformation journey would continue without interruption.