MAM
Shalimar Paints brings on board Shankar Subramanian
MUMBAI: Shalimar Paints Limited, one of India’s leading paint manufacturing companies, has appointed Shankar Subramanian as Vice-President for its decorative business. In this role, he will be responsible for growing the company’s decorative business and add to the leadership depth of the company.
The Indian paint industry is valued at approximately Rs. 30,000 crores with decorative paints constituting two-thirds of the market and the remaining, industrial. Buoyed by growing urbanisation and changing lifestyles, the decorative paints segment is registering faster growth. Shalimar Paints is undergoing a strategic transition to become a consumer-centric company through increased focus on the decorative paints business.
Shalimar Paints managing director and CEO Sameer Nagpal said, “Shalimar has embarked on a journey of transformation to emerge as a strong player in the Indian paint industry. Growing our decorative business profitably is central to this strategy. Shankar joins us at this crucial juncture with the objective of driving growth, improving product mix, creating a distinctive value proposition for customers and strengthening channel relationship. With his extensive experience in multiple industries, Shankar will play a key role in Shalimar’s transformation journey.”
Shankar has over 15 years of experience in sales, marketing and business development across consumer durable, IT and retail sectors. He joins Shalimar Paints from Ingersoll Rand, an industrial technology company where he was the Director for Residential Solutions business, responsible for establishing the Trane brand of air-conditioners in India. He has a proven track record of successfully leading sales, distribution, channel management and marketing in his previous roles with MIRC Electronics, BenQ India, Samsung, Blue Star, LG and others.
A graduate in Physics from Pune University, Shankar is passionate about technology. He holds a post graduate diploma in marketing from Institute for Social Sciences and Research, Vellore, and has completed a one-year executive program on strategic management from IIM Calcutta.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
