Kotak Mahindra Prime (KMPL), the vehicle finance company and a subsidiary of Kotak Mahindra Bank, has announced a leadership transition approved by its Board of Directors.
Suraj Rajappan will take charge as managing director (MD) and chief executive officer (CEO) for a term of three years, effective 1 June, 2026, subject to approval of members. He will step into the shoes of Shahrukh Todiwala, the present MD & CEO, who will superannuate on 31 May, 2026, after serving the Kotak Group for over 30 years.
Suraj Rajappan began his career with Kotak Mahindra Prime and brings 24 years of cross functional experience across the organisation.
Ashok Vaswani, MD & CEO, Kotak Mahindra Bank acknowledged the “strong legacy of prudent growth, risk discipline and customer centricity at Kotak Mahindra Prime,” left by Todiwala. He is now relying on Rajappan’s “deep industry experience and execution abilities” to “position KMPL well for its next phase of growth.”
Shahrukh Todiwala, MD & CEO, KMPL admitted that his journey with the company “has been truly fulfilling, and leading the company has been an honour”. He is also confident that Rajappan and the leadership team “will build on this strong foundation and take KMPL to new heights.”
Suraj Rajappan, MD & CEO designate, KMPL is “honoured by the trust the Board has placed in me” and is sure that “KMPL will continue to focus on disciplined growth, innovation and best in class customer experience and further strengthen our partnership with all OEMs and dealer partners.”
Kotak Mahindra Prime was incorporated in 1996 as Kotak Mahindra Primus, a 60:40 joint venture between Kotak Mahindra Finance and Ford Credit International—among India’s earliest organised car finance platforms.