Billionaire Uday Kotak Resigns as CEO of Kotak Mahindra Bank
- ByStartupStory | September 3, 2023
Billionaire Uday Kotak, the founder and leader of Kotak Mahindra Bank, has stepped down from his role as Managing Director and Chief Executive, four months before the end of his term. This announcement was made by the bank in a stock exchange filing on Saturday.
Kotak Mahindra Bank, India’s fourth-largest private sector bank by assets, has designated Dipak Gupta, presently the Joint Managing Director, to assume the role of Chief Executive until December 31.
The bank has already submitted an application for the new Managing Director to India’s central bank, the Reserve Bank of India, which regulates banks. In India, top positions at banks require approval from the regulatory authority.
Uday Kotak shared his thoughts on the matter on the social media platform X (formerly Twitter), stating, “Founders go away, but the institution flourishes into perpetuity.” He also mentioned his intention to remain on the bank’s board as a non-executive director and a significant shareholder.
According to Anand Dama, a banking analyst at brokerage firm Emkay Global Financial Services, while the early departure of the CEO came as a surprise, the bank’s application for a replacement suggests they may have already identified an internal candidate, which could facilitate a smoother transition.
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