Kotak Mahindra Managing Director (MD) and Chief Executive Officer (CEO) Uday Kotak has stepped down from his position with effect from 1st September, 2023 on personal ground, the bank said in a stock exchange filing. He is now a Non-Executive Director of the bank.
The filing said that as an interim management, Dipak Gupta, Joint Managing Director (MD), will carry out the duties of the MD and CEO till 31st December, 2023, subject to the approval of the Reserve Bank of India (RBI) and the members of the bank.
As per the filing, the bank has already made an application to RBI for the approval of the new MD and CEO, with effect from 1st January, 2024.
Kotak has played an important role in the institution’s growth for the past 38 years. Under his leadership, Kotak Mahindra Group established a presence in stock broking, investment banking, car finance, life insurance and mutual funds. He also has several accolades and awards in his kitty, according to the filing.
