Uday Kotak steps down as CEO and managing director of Kotak Mahindra Bank

Dipak Gupta, the joint MD of the bank, is scheduled to take over his duties till December 31.

Uday Kotak took to social media to announce his resignation from the posts of managing director and chief executive officer of Kotak Mahindra bank. The resignation got in effect from September 1, the bank said in its exchanges filings. His tenure was scheduled to end on December 31, 2023.

The bank also said that Kotak will continue as a non-executive director of the bank. He has been at the helm of the bank since its inception in 1985.

Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.…

— Uday Kotak (@udaykotak) September 2, 2023

In his post, Kotak said that he took the decision to step down earlier to ensure a smooth transition, as the bank's chairman, MD and CEO (Kotak himself), and the Joint MD all are required to step down from their positions by the year's end.

Dipak Gupta, the current joint MD, is scheduled to take over Kotak's responsibilities as the interim CEO and MD till December 31. This is subject to approval of the RBI and the members of the bank at the moment.