Uday Kotak has resigned as managing director and chief executive officer (MD&CEO) of Kotak Mahindra Bank Ltd. He, however, would continue as a non-executive director of the Bank. As an interim arrangement, Dipak Gupta, joint managing director (MD), will carry out the duties of the MD&CEO till 31 December 2023, Mr Kotak says in his resignation letter.
In a letter to Prakash Apte, chairman of the board of directors, Mr Kotak said he has resigned "with immediate effect" though he still has a few months to go.
"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. I am keen to ensure a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO," he says.
Kotak Mahindra Bank is awaiting approval from the Reserve Bank of India (RBI) of the proposed successor, Mr Kotak says, adding, "In the interim, my dear colleague Dipak Gupta - currently joint MD, will function as MD&CEO, subject to approvals."
My letter is attached pic.twitter.com/vcSIEcvy2r
— Uday Kotak (@udaykotak) September 2, 2023
Mr Kotak is the founder and promoter of the Bank and has been the Managing MD&CEO of Kotak Mahindra Bank, earlier known as Kotak Mahindra Finance Ltd, since 1 August 2002.
He has played an important role in the institution's growth over the past 38 years. Under Mr Kotak's leadership, Kotak Mahindra group established a prominent presence in every area of financial services, from stock broking, investment banking, car finance, life insurance and mutual funds.
You may want to read Mr Kotak's interview with Sucheta Dalal and Debashis Basu. Here is the link: "I constantly ask myself what is the baggage of history and what are the lessons of history" - Uday Kotak
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