Kotak Mahindra Bank managing director and chief executive officer — Uday Kotak — on 1 September stepped down with immediate effect, the private lender said in a communication to exchanges on 2 September.
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.
ALSO READ: Uday Kotak resigns as MD and CEO of Kotak Mahindra Bank, 3 months ahead of schedule
“Over the next few months, I am going to be significantly occupied with some personal and family commitments. My elder son’s marriage functions are being planned. Consequently, considering the proximity of these events to the end of my tenure, I thought it appropriate to hand over the baton and stagger the transition,” Uday Kotak wrote in the letter.
“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 wrote on X.
“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.
Meanwhile, Dipak Gupta, the joint managing director, will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank.
Bloomberg in February this year, 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.
This is a developing story, it will be updated shortly.
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Updated: 02 Sep 2023, 05:40 PM IST
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