Kotak Mahindra Bank Managing Director and Chief Executive Officer (CEO) Uday Kotak has resigned from his post with effect from September 1. The resignation comes four months ahead of his retirement on December 31. However, Kotak will continue as a non-executive director of the bank, the bank said in a communication to exchanges on Saturday.
Joint managing director Dipak Gupta will be the chief executive until December 31, it said. "Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023, on account of his resignation considered at the Bank's Board meeting held today and has become a non-executive Director of the Bank," the bank said. As an interim arrangement, Gupta will carry out the duties of the Managing Director & CEO until December 31, 2023, subject to the approval of the RBI.
What Uday Kotak said?
"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," Uday Kotak said.
"As Founder, I am deeply attached to the brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity," he added.
"A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream," Kotak further said.
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