Kotak Mahindra Prime Limited (KMPL), the vehicle financing arm of Kotak Mahindra Bank Limited, on Monday announced a leadership transition with the appointment of Suraj Rajappan as Managing Director and Chief Executive Officer effective June 1, 2026. The appointment, approved by the Board, is for a three-year term and is subject to shareholder approval.
Rajappan will succeed Shahrukh Todiwala, who will superannuate on May 31, 2026 after more than three decades with the Kotak Group. Rajappan, who began his career with KMPL, brings over 24 years of cross-functional experience within the organisation.
Ashok Vaswani, MD and CEO of Kotak Mahindra Bank, said Todiwala leaves behind a legacy of “prudent growth, risk discipline and customer centricity,” while expressing confidence in Rajappan’s ability to lead the company’s next phase of growth. Todiwala described his tenure as “fulfilling,” adding that the company is well-positioned for the future. Rajappan said KMPL will continue to focus on disciplined growth, innovation and strengthening partnerships with OEMs and dealers. Founded in 1996, KMPL has grown into a major player in India’s vehicle finance segment, offering loans for cars, two-wheelers and property, supported by a network of 161 branches across 24 states.