Uday Kotak Resigns as MD-CEO of Kotak Mahindra Bank, Deepak Gupta will take over his responsibilities until December 31st

September 2, 2023September 2, 2023 Akash Shrivastav

Uday Kotak has resigned from the positions of Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank, effective from September 1, 2023. The bank filed this information with the stock exchange on Saturday, September 2.

Deepak Gupta will now assume responsibility for the bank.

Under the new management structure, Deepak Gupta, Joint Managing Director, will take over as MD and CEO of Kotak Mahindra Bank effective December 31. This transition requires approval from the RBI and the bank’s members. Uday Kotak will continue with the bank as Non-Executive Director. Uday Kotak’s tenure as CEO and MD ended on December 31, 2023. Kotak Mahindra Bank has submitted an application to the RBI for the new CEO, whose role will commence from January 1, 2024.

Uday Kotak has written a letter to the bank’s board

Expressing that he is resigning immediately. In the letter, he mentioned that while he has a few months left, he felt it was the right time to step down. He expressed his vision to lead India on the global stage in the coming years as a founding promoter and significant shareholder of this remarkable company.

In addition to this, Uday Kotak posted on social media, saying, ‘Kotak Mahindra Bank’s Chairman, I, and our Joint Managing Director, all three of us will step down from our positions at the end of this year.’

Uday Kotak stated, ‘In this situation, at this time, my greatest focus is on succession planning. I want all these transitions to be seamless. Therefore, I have now initiated this process, and for this reason, I have stepped down from the CEO position first.

Uday Kotak’s total wealth is estimated at 13.4 billion dollars, which is equivalent to 1.10 lakh crore rupees. He started this institution as a non-banking finance company in 1985, which later evolved into a full-fledged bank. Over the years, he played a pivotal role in the bank’s leadership, and in 2023, he became a prominent figure in the business world. According to the Bloomberg Billionaires Index, Uday Kotak’s net worth is approximately 1.10 lakh crore rupees.