Uday Kotak stepped down as Kotak Mahindra Bank’s Managing Director and CEO, effective from September 1, the bank announced on September 2.
Uday Kotak 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 carry forward the duties of MD and CEO till December 31, subject to the consent of the RBI and the bank’s members.
“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.
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. According to the Bloomberg Billionaires Index, he is worth approximately $13.4 billion.
In his letter, Kotak stated that as the institution’s founder, he is emotionally devoted to the brand Kotak and would continue to serve the institution as a Non-Executive Director and large shareholder. “We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” Kotak added.
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“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 sq ft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream,” Kotak added.
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