Uday Kotak passes baton of Kotak Mahindra Bank to Dipak Gupta, top things to know about him

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ALSO READ: Uday Kotak resigns as MD and CEO of Kotak Mahindra Bank, 3 months ahead of schedule He joined Kotak Mahindra Primus Limited as CEO in 1996 and continued till 1999. Gupta also worked as a Senior Consultant for AF Ferguson and Co from 1985 to 2002. Gupta was promoted from CEO of Kotak Mahindra Primus Limited to Executive Director of Kotak Mahindra Finance Limited which he continued from 1999 to 2003.

Following this, he has been working as Joint Managing Director for Kotak Mahindra 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 smooth transition by sequencing these departures.

I initiate this process now and step down voluntarily as CEO," Uday Kotak wrote on X Post the announcement of his retirement. “The bank awaits 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.

As Founder, I am deeply attached to brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity, " he added.

Though Uday said he will continue as a non-executive director of the bank. As per details, his tenure as the CEO and MD of the bank ends on 31 December, 2023. In a handwritten letter, Uday Kotak mentioned that post his retirement he will be occupied with few personal and family engagements.