Mumbai: Uday Kotak has stepped down as the managing director & chief executive officer of Kotak Mahindra Bank with effect from September 1, the bank stated in a regulatory filing on Saturday.
As an interim arrangement, Dipak Gupta, the joint managing director, will carry out the duties of the MD and CEO of Kotak Mahindra Bank until December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the Bank.
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After the announcement, Uday Kotak wrote on the X on Saturday, ” 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 further added that 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.”
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In the X post, Kotak said that he would continue to serve the institution as a non-executive director and a significant shareholder owing to his deep attachment with the brand Kotak. “We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” he said.
Kotak said: “A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream.”
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Outlining the growth of the bank, he said: “We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today.”
He further added that he was confident that the institution (the bank) will continue to play an even more important role in India’s transformation into a social and economic powerhouse.
