Lagatar24 Desk
New Delhi, Sept 2: Kotak Mahindra Bank’s CEO and managing director, Uday Kotak, has resigned. The chief executive responsibilities will be performed by Dipak Gupta, who is now the joint managing director, till 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.”
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 (@udaykotak) September 2, 2023
He also shared his resignation letter, which he wrote to the bank’s Chairman and board of directors, in which he expressed, “I have cherished being a part of this entire journey. It is now time to move on.”
My letter is attached pic.twitter.com/vcSIEcvy2r
— Uday Kotak (@udaykotak) September 2, 2023
He stated that he will continue serving as “Non-Executive Director and significant shareholder” of the chain of banks. He continued by saying that the bank had made the required preparations for his replacement and was awaiting RBI approval.
Uday Kotak wrote in a letter to the board of directors that he “thought it appropriate to hand over the baton” after taking into account how close his remaining obligations to his family, including his son’s wedding, were to the end of his term.
Uday Kotak writing about his experience founding Kotak Mahindra Bank, which was founded 38 years ago, 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.”
