Uday Kotak Resigns As Kotak Mahindra Bank MD & CEO, Dipak Gupta Takes Interim Role – News18

Uday Kotak Resignation: Uday Kotak has reportedly resigned from his role as managing director and chief executive officer of Kotak Mahindra Bank, effective September 1, as communicated by the bank to exchanges on September 2. It did not give a reason for Kotak’s resignation.

Speaking to CNN-News18, Kotak said, “I have some personal and family commitment post retirement. Stepping down is my voluntary decision.”

“We will play major role in future of India,” he added.

Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.

Also Read: Uday Kotak- Education And Personal Life

Kotak will continue as a non-executive director of the bank.

As an interim arrangement, Dipak Gupta, the joint MD, will carry out the duties of the MD and CEO until December 31, subject to the approval of the RBI and the members of the bank, it said.

Succession plan

Kotak, in a communication on social media on September 2, said he is stepping down to facilitate the succession plan at the 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,” Kotak said.

Further, the bank is awaiting RBI approval of the proposed successor, Kotak said.

In February this year, Bloomberg had reported that board has engaged consulting firm Egon Zehnder to lead a global search for a chief executive officer to replace its billionaire founder Kotak.