‘I stand in a lonely place of being a founder..’: Uday Kotak's resignation letter as MD & CEO of Kotak Mahindra Bank
RBI approval of the proposed successor. In the interim my dear colleague Dipak Gupta - currently Joint MD, will function as MD & CEO, subject to approvals." Kotak mentioned in his post. Uday Kotak attached a letter with his post, a handwritten heartfelt note.
Read the letter here. "September 1, 2023. Mr.
Prakash Apte, Chairman, Board of Directors, Kotak Mahindra Bank Ltd. Mumbai. Dear Sir, It has been 38 long years since this institution was created, with 3 employees in Fort, Mumbai, it is now a pre-eminent Bank and financial conglomerate, having presence across India and in 5 other countries, with over 100,000 employees.
I have cherished being a of this entire journey. It is now time to move on. Although, I still have a few months to go, my resignation as Managing Director & CEO of the Bank with immediate effect.
I have mulled over this decision for some time and believe this is the right thing for the institution. On December 31, 2023, the terms of yourself as Chairman, myself as Managing Director, and Mr Dipak Gupta, Joint Managing Director, expire. With a view to sequencing this process from a transition and stability perspective, I have decided to take this action after completion of the financial year and the AGM for FY 2023.
The Bank has taken necessary steps on succession and we await the RBI's decision. The bank's senior management team with years of experience is well placed to carry on this legacy. Over the next few months, I am going to be significantly occupied with some personal and family commitments.
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