Uday Kotak steps down as Kotak Mahindra Bank MD & CEO effective Sep 1

Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, stepped down on September 1, four months before his current term would have ended on December 31, 2023. Kotak will become a non-executive director on the board of the private sector lender.

“Uday Kotak has ceased to be the managing director and CEO of the bank, with effect from September 1, 2023 on account of his resignation considered at the bank’s board meeting held today and has become a non-executive director of the bank,” Kotak Mahindra Bank said in a notification to the stock exchanges on Saturday.

Dipak Gupta, the joint managing director of the bank, will carry out the duties of the managing director and CEO until December 31, 2023, as an interim arrangement, the bank said. The appointment of Gupta is subject to the approval of the Reserve Bank of India and the members of the bank.

Kotak Mahindra Bank has already made an application to RBI for the approval of the new managing director and CEO, with effect from January 1, 2024, the exchange filing said.

Kotak is the founder and promoter of the bank and has been the managing director and CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002.

From October 1, 2018, to April 2, 2022, Kotak served as non-executive chairman of the IL&FS board as constituted by the Government of India to steer the non-banking financial company out of a deep crisis, which he served as his national duty.

Gupta has been a whole-time director of the bank (earlier known as Kotak Mahindra Finance Limited) since January 1999 and had been designated as the joint managing director of the bank since January 1 2012.

Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd