Uday Kotak, MD and CEO of Kotak Mahindra Bank Steps Down
Uday Kotak ceased to be the Managing Director and Chief Executive Officer of Kotak Mahindra Bank, owing to his resignation from the post. He will be a Non-Executive Director of the Bank with effect from 1 September 2023. Kotak’s term as Non-Executive Director of the Bank would be for a period of five years, not liable to retire by rotation.
For now, Dipak Gupta, the Joint Managing Director, will carry out the duties of the Managing Director & CEO until 31 December 2023. The Bank has already made an application to the Reserve Bank of India (RBI) for the approval of the new Managing Director & CEO, with effect from 1 January, 2024.
Uday Kotak on social media announced that he is stepping down as MD and CEO of bank to support the bank’s succession plan.
“Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, I and Joint MD are all required to step down by year end. I am keen to ensure a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO” Kotak said.
Kotak, in his message, said as founder, he is deeply attached to brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. “We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” Kotak added.
Uday Kotak, the founder and promoter of the Kotak Mahindra Bank, was overseeing the growth of the institution for the past 38 years; he has played a significant role in shaping and advancing India’s banking and financial sector.
From October 1, 2018, to April 2, 2022, Kotak served as the Non-Executive Chairperson of a special IL & FS Board appointed by the Government of India to navigate the NBFC out of a severe crisis, a duty he considered his national responsibility.
Currently, he serves as the Co-Chairperson of the Indo-UK Financial Partnership (IUKFP) and as the Chairperson of the Advisory Committee on Corporate Insolvency and Liquidation at the Insolvency and Bankruptcy Board of India. He held the position of President at the Confederation of Indian Industry (CII) until May 2021. Additionally, he is part of the International Advisory Panel of the Monetary Authority of Singapore, the International Advisory Board of the Government of Singapore Investment Corporation, and the Investment Advisory Committee of India’s Army Group Insurance Fund. In 2017, he led the Committee on Corporate Governance, formed by the SEBI, which recommended significant changes to enhance corporate governance transparency.
Kotak has received numerous awards and recognitions, including the ‘EY World Entrepreneur of the Year Award’ in 2014, the ‘Economic Times Business Leader of the Year Award’ in 2015, ‘Businessman of the Year 2016’ by Business India, ‘Lifetime Achievement Award’ at the Financial Express Best Banks Awards 2016, ‘USIBC Global Leadership Award’ at the 2018 India Ideas Summit organized by the U.S.-India Business Council, ‘Lifetime Achievement Award’ at the Magna Awards 2019 by Business World, ‘Best CEO in Banking Sector’ at the Business Today Best CEO Awards 2019, and ‘India Business Leader of the Year’ at the India Business Leader Awards 2021.
He holds a Bachelor’s degree in Commerce and an MMS degree from the Jamnalal Bajaj Institute of Management Studies in Mumbai.