In a significant leadership shift, Kotak Mahindra Bank has officially announced that Mr. Uday Kotak, the bank’s founder and longstanding Managing Director & CEO, has voluntarily stepped down from his role, effective September 1, 2023. This decision was made following the bank’s Board Meeting and is in alignment with regulatory requirements. As an interim measure, Mr. Dipak Gupta, the Joint Managing Director of the bank, has been appointed to assume the duties of Managing Director & CEO until December 31, 2023. It’s important to note that this interim appointment is pending approval from the Reserve Bank of India (RBI) and the bank’s members.
Mr. Kotak expressed his commitment to ensuring a smooth transition, citing the regulatory mandate for him, the Chairman, and the Joint MD to step down by year-end. This transition underscores the bank’s dedication to adhering to regulatory norms while maintaining operational stability.
Kotak Mahindra Bank, a leading private sector bank in India, remains steadfast in its mission to provide top-tier banking and financial services to its customers during this period of leadership change. The bank has also submitted an application to the RBI for the approval of a new Managing Director & CEO, effective January 1, 2024. This move signifies the bank’s continuous commitment to excellence in banking and finance services.
FROM THE OFFICIAL PRESS RELEASE –
Kotak Mahindra Bank Limited Announces Leadership Transition
Mumbai, September 2, 2023 – Kotak Mahindra Bank Limited, one of India’s leading private sector banks, today announced a significant leadership transition in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
(a) Resignation of Mr. Uday Kotak: Effective September 1, 2023, Mr. Uday Kotak, the bank’s founder, has stepped down as Managing Director & CEO. This decision follows his resignation, accepted during the Bank’s Board Meeting on September 2, 2023. Mr. Uday Kotak will now serve as a Non-Executive Director.
(b) Interim Appointment of Mr. Dipak Gupta: To ensure a smooth transition, Mr. Dipak Gupta, Joint Managing Director since 2012, becomes interim Managing Director & CEO until December 31, 2023, pending approval from the Reserve Bank of India (RBI) and the bank’s members.
The Board Meeting took place from 10.45 a.m. to 2.15 p.m. Kotak Mahindra Bank Limited has applied to the RBI for the approval of the new Managing Director & CEO from January 1, 2024.
Both Mr. Uday Kotak and Mr. Dipak Gupta meet regulatory criteria for Directors’ office. Mr. Uday Kotak shared his commitment to the institution.
Kotak Mahindra Bank Limited is dedicated to its core values and assures unwavering commitment and integrity during this leadership transition.