Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank, four months ahead of retirement
Uday Kotak has stepped down as the Managing Director and Chief Executive Officer of private lender Kotak Mahindra Bank with immediate effect, the company said in a stock exchange filing on Saturday. Kotak was due to retire on December 31, 2023.
«Although I still have a few months to go, I tender my resignation with immediate effect.
I have mulled over this decision for some time and believe this is the right thing for the institution,» he wrote in a letter to the bank's board. Kotak has led the bank since its inception after converting the NBFC he founded in 1985 into a full-fledged commercial bank in 2003.
In the interim, Dipak Gupta, the Joint MD will takeover the responsibilities of Kotak until December 31, subject to the approval of the Reserve Bank of India and the members of the bank, it said.
The bank has made an application to the RBI for the approval of the new MD & CEO, with effect from January 1, 2024.
«I stand in a lonely place of being a founder, promoter and significant shareholder of this great institution. In these changing times, I envision an India leading the world in the years ahead,» Kotak wrote.
