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Kotak Mahindra Prime names Suraj Rajappan as managing director and chief executive
The car-finance arm of Kotak Mahindra Bank lines up a new chief and raises its borrowing limit
MUMBAI: Suraj Rajappan is getting the keys. Kotak Mahindra Prime Limited (KMPL), India’s veteran car-finance outfit, has named him managing director and chief executive, effective June 1st, 2026—the same day his predecessor drives off into retirement.
The board approved the appointment at its meeting on March 18th. Rajappan, currently a whole-time director at the company, has spent his entire 24-year career at KMPL, working across functions before rising to the top job. The three-year term remains subject to shareholder approval, and the company confirmed he faces no bar from SEBI or any other authority from holding the post.
He takes over from Shahrukh Todiwala, who superannuates on May 31st after more than three decades with the Kotak Group. Ashok Vaswani, managing director and chief executive of parent Kotak Mahindra Bank, was generous in his send-off. Todiwala, he said, “leaves behind a legacy marked by prudent growth, strong risk discipline, and a focus on customer-centricity.” Of his successor, Vaswani was equally bullish: Rajappan’s “deep industry experience and execution capabilities position KMPL well for its next phase of growth.”
The board also loosened the purse strings, raising the company’s overall outstanding debt limit from Rs 43,000 crore to Rs 48,000 crore. The expanded ceiling covers bank loans, debentures, commercial paper, treasury operations, credit facilities and external commercial borrowings.
KMPL has operated as a car-finance company since 1996, branching into two-wheeler loans in 2018 and loans against property in 2021. With fresh leadership, a bigger borrowing arsenal and an ambitious lender for a parent, Rajappan’s first task is clear: step on the accelerator.
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Air Canada ceo to quit over “English-only” message after New York plane crash
English-only condolence video after fatal LaGuardia crash triggers outrage in Quebec and hastens succession
MONTREAL: Air Canada’s boss is heading for the exit after a linguistic misstep collided with a national faultline.
Michael Rousseau will retire by October, the airline said on Monday, days after a backlash over his English-only video tribute following a deadly crash involving an Air Canada Express jet in New York. The March 22 collision with a fire truck at LaGuardia Airport killed two pilots and injured dozens, but Rousseau’s message, bookended only by “bonjour” and “merci”, ignited fury in French-speaking Quebec.
Mark Carney welcomed the departure, calling the video a “lack of judgment and lack of compassion”. “It is absolutely essential that his successor is completely bilingual,” he said in Toronto. “He did a good job technically as CEO but as the leader of an organisation you have broader responsibilities. It’s the right decision at the right time.”
The row quickly metastasised. Quebec’s National Assembly voted 92–0 for Rousseau to quit. More than 1,800 complaints flooded the federal languages watchdog. Even Caisse de dépôt et placement du Québec, a major shareholder, weighed in. “There is no doubt that the video should have been in both official languages.”
The symbolism cut deep. One of the dead pilots, Antoine Forest, was from Quebec. Language, long a live wire in the province, remains entwined with identity and politics, fuelling the separatist Parti Québécois ahead of an election due by October.
Rousseau, 68, had form. In 2021, soon after taking charge, he drew fire for delivering a Montreal speech largely in English and boasting he had lived there for years without speaking French. He apologised then and again last week, saying he was “deeply saddened” his limitations had “diverted attention from the profound grief of the families and the great resilience of Air Canada’s employees.” He had logged more than 300 hours of French lessons since taking the helm in February 2021.
Operationally, his tenure was steadier. He steered Air Canada through the pandemic and its messy aftermath, though labour tensions, most notably a four-day cabin crew strike, dogged the recovery. Shares slipped more than 2 per cent after the news before trimming losses to about 1.2 per cent on the Toronto exchange.
The airline, bound by the Official Languages Act to serve customers in both English and French, said it is accelerating a succession plan already under way, with candidates to be judged in part on their French. Analysts say the next chief must pair operational discipline with strategic clarity amid fuel volatility, labour costs and fierce competition.
A dual crisis—metal on tarmac in New York and politics at home—has now claimed its most senior scalp. In Canada’s flag carrier, competence got Rousseau far. In the end, fluency finished the job.
