Uday Kotak resigns as CEO, MD of Kotak Mahindra Bank, to become non-executive director
Sep 02, 2023
Mumbai (Maharashtra) [India], September 2 : Uday Kotak has ceased to be the Managing Director and CEO of Kotak Mahindra Bank on account of his resignation voluntarily with effect from September 1, 2023.
As an interim arrangement, Dipak Gupta, the Joint Managing Director, will carry out the duties of the Managing Director and CEO until December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the Bank.
In a letter to Prakash Apte, chairman, Board of Directors, Kotak Mahindra Bank on September 1, Uday Kotak said, "Although I have few months to go, I tender my resignation as Managing Director and CEO of the Bank with immediate effect. I have mulled over this decision for some time and believe this is the right thing for the institution."
With a view to sequencing this process from a transition and stability perspective, I have decided to take this action after the completion of the financial year, he stated.
Citing personal commitments, letter Uday Kotak wrote, "Over the next few months, I am going to be significantly occupied with some personal and family commitments. My elder son's marriage functions are being planned. Consequently considering the proximity of these events to the end of my tenure, I thought it appropriate to hand over the baton and stagger the transition."
“Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year-end, he said. I am keen to ensure a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO,” he said.
Taking to X he wrote, "It is with this dream that I started Kotak Mahindra 38 years ago, with three employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream."
We are now a pre-eminent bank and financial institution, created on the basic tenets of trust and transparency, he said. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today, he said.
