Mumbai, September 2, 2023 - Uday Kotak has stepped down as Managing Director and Chief Executive Officer (MD & CEO) of Kotak Mahindra Bank, effective September 1, 2023. Kotak, who has been with the bank for over 38 years, will continue to be associated with the bank as a non-executive director.
In a letter to shareholders, Kotak said that he was stepping down to "allow a new generation of leaders to take the bank to even greater heights." He said that he was confident that the bank's strong management team would continue to deliver on its promise of providing world-class banking services to its customers.
Kotak's resignation comes after the Reserve Bank of India (RBI) imposed a 12-year term limit on the tenure of bank CEOs. Kotak had been serving as MD & CEO of Kotak Mahindra Bank since 2006.
Joint Managing Director Dipak Gupta will take over as interim MD & CEO of Kotak Mahindra Bank until December 31, 2023. The bank has said that it will launch a global search for a permanent successor to Kotak.
Kotak is one of the most respected bankers in India. He is credited with transforming Kotak Mahindra Bank into one of the leading private sector banks in the country. Under his leadership, the bank has grown its assets from ₹100 crore to over ₹3 trillion. It has also become one of the most profitable banks in India.
Kotak's resignation is a big loss for Kotak Mahindra Bank. However, the bank is in good hands with its strong management team. The bank is expected to continue to grow and prosper under the leadership of its new CEO.
