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Uday Kotak resigns from Kotak Mahindra Bank as MD & CEO
Indian billionaire Uday Kotak today announced his departure from Kotak Mahindra Bank as the managing director (MD) and the chief executive officer (CEO) effective September 1, 2023.
In a tweet announcing his resignation, Uday wrote, "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."
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 smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.…
— Uday Kotak (@udaykotak) September 2, 2023
However, Uday Kotak will continue to serve the institution as a non-executive director for five years, which is not liable to retire by rotation, the Bank informed in an exchange filing. Uday Kotak's tenure as the CEO and MD of the Kotak Mahindra Bank ends on December 31, 2023.
As an interim arrangement, Dipak Gupta, the Joint Managing Director, will carry out the duties of the Managing Director & CEO until December 31, 2023, which is subject to the approval of the Reserve Bank of India (RBI) and the members of the Bank.
Dipak Gupta has been a full-time Director of the Bank since January 1999 and designated as the Joint Managing Director since January 1, 2012.
Kotak Mahindra Bank said that it applied to the RBI for the approval of the new Managing Director and CEO, effective January 1, 2024.
Uday Kotak, the Founder of the Bank, has been the Managing Director & CEO of Kotak Mahindra Bank Limited (formerly Kotak Mahindra Finance Limited) since August 1, 2002
Apart from this, He leads several key bodies and is currently Co-Chairman of the Indo-UK Financial Partnership (IUKFP) and Chairman of the Advisory Committee on Corporate Insolvency and Liquidation (Insolvency & Bankruptcy Board of India).
He is on the International Advisory Panel of the Monetary Authority of Singapore, the International Advisory Board of the Government of Singapore Investment Corporation, and the Investment Advisory Committee of India’s Army Group Insurance Fund.
The past
While announcing his departure, Uday recalls his early days in the institution. In a tweet, he wrote, "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."
Uday said that the bank has provided over 1 lakh direct jobs. "An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today," he added.
He further highlighted the contribution the bank has made in the country's growth. "I am confident that this Indian-owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse," he added.
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