Uday Kotak resigns as CEO of Kotak Mahindra Bank
Joint managing director Dipak Gupta will be the chief executive until December 31, a stock exchange filing said.
Uday Kotak has resigned as the managing director and chief executive officer of , the bank said in a stock exchange filing on Saturday.
Joint managing director Dipak Gupta will be the chief executive until December 31, it added.
"Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank's Board meeting held today and has become a non-executive Director of the Bank," the company said in a regulatory filing.
No reason was cited for Kotak's resignation.
As an interim arrangement, Gupta will carry out the duties of the Managing Director and CEO until December 31, 2023, subject to the approval of the Reserve Bank of India.
Kotak said Uday was 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" Uday Kotak said.
Kotak started Kotak Mahindra Bank in 1985—38 years ago—"With three employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream," he said in a post on X announcing his plans to step aside from the role.
(With inputs from EnterpriseStory)
Edited by Akanksha Sarma