Uday Kotak steps down as Kotak Mahindra Bank’s MD & CEO

4 Sep 2023 , 11:54 AM

Uday Kotak has resigned as Kotak Mahindra Bank’s managing director and CEO, effective September 1, the bank announced in a notification to exchanges on September 2.

Uday Kotak, on the other hand, will remain a non-executive director of the bank, according to the statement. Uday Kotak’s tenure as the bank’s CEO and Managing Director expires on December 31, 2023.

According to the statement, Dipak Gupta, the joint managing director, will assume the duties of the MD and CEO till December 31, subject to the consent of the RBI and the bank’s members.

Kotak announced his resignation on social media on September 2 to assist the bank’s succession strategy.

‘Succession at Kotak Mahindra Bank has been of utmost priority as company’s Chairman, myself, and Joint MD are all required to step down by the end of this year. By scheduling these departures, I hope to ensure a smooth transition. I am starting this process now and voluntarily stepping down as CEO,’ Kotak added.

He further said that the bank is awaiting RBI approval for the proposed successor. 

Kotak has been the bank’s CEO since it was founded as a non-banking financial company in 1985. In 2003, it became a commercial lender. 

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