Uday Kotak resigned as Kotak Mahindra Bank's Managing Director and CEO on September 1, the bank revealed in a regulatory filing.
Following his resgination, Kotak tweeted, "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.”
Who is Dipak Gupta?
Kotak Mahindra Bank Joint Managing Director Dipak Gupta will carry out the duties of the CEO and managing director for an interim period until December 31, 2023. This is subject to the Reserve Bank of India's approval as well as nod from the members of the bank's board. Gupta has been a full-time director of the bank since January 1999 and was appointed as the Joint MD on January 1, 2012.
Kotak also added, “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 that it was a dream come true when he founded the bank in a financial world dominated by the likes of JP Morgan and Goldman Sachs. “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,” he went on to say.
He claimed that the bank has created more than one lakh direct jobs, adding that an investment of Rs 10,000 with the bank in 1985 would be worth around Rs 300 crore today.
“I am confident that this Indian owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse,” Kotak added.