Kotak Mahindra Bank MD Uday Kotak resigns
He will, however, continue as a non-executive director of the bank, it said. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.
Uday Kotak has stepped down as the Kotak Mahindra Bank managing director and chief executive officer to what the company said to facilitate the succession plan.
According to an official communique issued on social media, the company said that Uday Kotak’s resignation would be effective from September 1.
He will, however, continue as a non-executive director of the bank, it said. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.
As an interim arrangement, Dipak Gupta, the joint managing director, will carry out the duties of the MD and CEO until December 31, subject to the approval of the RBI and the members of the bank, it said.
Kotak, in a communication on social media on September two, said he is stepping down to facilitate the succession plan at the bank.
"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 CEOm" Kotak said.
Further, the bank is awaiting RBI approval of the proposed successor, Kotak said.
In February this year, Bloomberg had reported that the board has engaged consulting firm Egon Zehnder to lead a global search for a chief executive officer to replace its billionaire founder Kotak.
