Uday Kotak has resigned from the position of Managing Director (MD) & Chief Executive Officer (CEO) of Kotak Mahindra Bank, effective September 1, 2023, the bank said in a BSE filing on Saturday. His tenure was scheduled to end on December 31, 2023.
The bank’s board held a meeting on Saturday and considered his resignation. Uday Kotak has now become a non-executive director of the bank.
In his post, Kotak said that he took the decision to step down earlier to ensure a smooth transition, as the bank’s chairman, MD, CEO, and the Joint MD are all required to step down from their positions by the year’s end.
In the interim, Dipak Gupta, the Joint MD, will carry out the duties of the MD and CEO until December 31, 2023, subject to the approval of the Reserve Bank of India (RBI) and the members of the bank.
Uday Kotak is the founder and promoter of the bank and has been the MD and CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002. He has played an important role in the institution’s growth over the past 38 years.
