‘Time to move on’: Uday Kotak resigns as MD and CEO of Kotak Mahindra Bank
NEW DELHI,SEPT 2 : Uday Kotak has resigned as the CEO and managing director of Kotak Mahindra Bank. Dipak Gupta, who is currently the joint managing director, will carry out the chief executive duties until December 31.
Uday Kotak took to X, formerly known as Twitter, and wrote, “I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.” He also shared his resignation letter addressed to the bank’s Chairman and board of directors where he wrote, “I have cherished being a part of this entire journey. It is now time to move on.”
Uday Kotak’s letter announcing his resignation as the CEO and MD of Kotak Mahindra Bank. (Photo from @udaykotak on X)
The founder of the chain of banks said he will continue to serve as its “Non-Executive Director and significant shareholder”. He added that the bank had taken the necessary steps for his successor and was waiting for the RBI’s approval on it.
In the letter to the board of directors, Uday Kotak said he “thought it appropriate to hand over the baton” after considering the proximity of his upcoming family commitments, including his son’s wedding, to the end of his tenure.
Writing about his journey as the founder of Kotak Mahindra Bank which was created 38 years ago, Uday Kotak said, “I stand in a lonely place of being a founder, promoter and significant shareholder of this great institution. It also bears our family name and carries that as its brand. The institution that we have together built stands for purpose, trust and integrity. I am committed as a stakeholder to see this institution sustain and grow.”
-The India Today
