Uday Kotak, the founder of Kotak Mahindra Bank, has announced his resignation as the Chief Executive Officer (CEO) and Managing Director of the bank after a remarkable journey spanning 38 years. In a letter to the bank’s Chairman and board of directors, Kotak expressed his desire for a smooth transition, stating, “I have cherished being a part of this entire journey. It is now time to move on.”
Kotak took to X (formerly known as Twitter) to share his decision and his resignation letter. He emphasized his commitment to ensuring a seamless handover of responsibilities. While stepping down as CEO, he will continue to serve as a Non-Executive Director and remain a significant shareholder in the bank.
Dipak Gupta, the current Joint Managing Director of Kotak Mahindra Bank, will take on the role of Chief Executive Officer until December 31. The bank has already taken the necessary steps to identify Kotak’s successor and is awaiting approval from the Reserve Bank of India (RBI) for this transition.
In his resignation letter, Uday Kotak explained that his decision was influenced by the proximity of his upcoming family commitments, including his son’s wedding, to the end of his tenure as CEO. This move underscores Kotak’s dedication to ensuring a smooth leadership transition within the organization he founded and nurtured over nearly four decades.
Kotak Mahindra Bank, one of India’s prominent financial institutions, will now prepare for a new chapter under new leadership, while Uday Kotak’s legacy as its founder and visionary leader continues to shape its future.