Uday Kotak, the CEO and Managing Director of Kotak Mahindra Bank, has announced his resignation from the position. Dipak Gupta, the current Joint Managing Director, will assume the role of Chief Executive until December 31.
In a statement shared on social media platform 'X' (formerly Twitter), Uday Kotak expressed his desire to facilitate a seamless transition by stepping down voluntarily as CEO. In his resignation letter addressed to the bank's Chairman and board of directors, he conveyed his appreciation for being a part of the bank's remarkable journey and emphasized that it was time for him to move on.
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While stepping down as CEO, Uday Kotak clarified that he would remain actively involved with the bank as a Non-Executive Director and a significant shareholder. He assured that the necessary preparations for his successor were already underway, pending approval from the Reserve Bank of India (RBI).
Reflecting on his journey as the founder of Kotak Mahindra Bank, which he established 38 years ago, Uday Kotak shared his unique position as a founder, promoter, and substantial shareholder of the institution. The bank, bearing the family name, stands for values of purpose, trust, and integrity, and he expressed his commitment to its sustainability and growth as a stakeholder.This announcement marks a significant transition in the leadership of one of India's prominent banking institutions.
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