‘Time to move on’: Uday Kotak resigns as MD, CEO of Kotak Mahindra Bank

Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said on Saturday (September 2).

In a letter addressed to Prakash Apte, Chairman of the Board of Directors, Kotak has announced his immediate resignation from his role as CEO, even though he had several months left in his tenure. He shared the letter on X (former Twitter), saying it was "time to move on".

In the letter, Kotak explained his decision, saying, "I have mulled over this decision for some time and believe this is the right thing to do." He insisted on the importance of succession planning at Kotak Mahindra Bank, as both the Chairman and the Joint MD are scheduled to step down by the end of the year. He also expressed his commitment to ensuring a seamless transition by departing as CEO voluntarily.

As the founder, Kotak expressed his deep connection to the Kotak brand and his intention to continue serving the institution as a non-executive director and a major shareholder. He conveyed his confidence in the management team that will carry forward the legacy, saying, "Founders go away, but the institution flourishes into perpetuity."

Kotak's leadership has spanned 38 years in the financial services group, and he has consistently backed the importance of sustainable value creation as the true measure of performance.

Joint managing director Dipak Gupta will be the chief executive until December 31, the bank said in a stock exchange filing.

"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," the filing said.

Dipak Gupta will carry out the duties of the Managing Director and CEO until December 31, subject to the approval of the Reserve Bank of India.

(With agency inputs)