Uday Kotak, the founder and promoter of Kotak Mahindra Bank, has stepped down from his role as Managing Director & CEO, effective September 1, 2023.
Kotak Mahindra Bank Limited has announced key leadership changes following a meeting of its Board of Directors.
Uday Kotak has recently shared a post on social media platform X (formally known as Twitter) saying, “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 a smooth transition by sequencing these departures. I am initiating this process now and stepping down voluntarily as CEO. The bank awaits RBI’s approval of the proposed successor. In the interim, my dear colleague Dipak Gupta – currently Joint MD, will function as MD & CEO, subject to approvals”, the post added.
“As Founder, I am deeply attached to the brand Kotak and will continue to serve the institution as a 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”, the post 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”, the post said.
“I have deeply cherished every bit of this memorable journey, living my dream. 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”, the post added.
“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”, the post added.
My letter is attached pic.twitter.com/vcSIEcvy2r— Uday Kotak (@udaykotak) September 2, 2023