In a significant development, Uday Kotak, the visionary founder and CEO of Kotak Mahindra Bank, has made the decision to step down from his role as CEO. Uday Kotak’s continued involvement with the institution will continue as he will remain as a Non-Executive Director and a significant shareholder, reflecting his deep attachment to the Kotak brand.
During this interim period, the bank will see Dipak Gupta, currently serving as Joint Managing Director, assume the role of Managing Director and CEO, subject to the necessary approvals of the Reserve Bank of India and the members of the Bank.
Uday Kotak took to X to inform about his resignation. “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,” he said.
Reflecting on his journey, Kotak shared the dream that sparked the creation of Kotak Mahindra Bank 38 years ago. He envisioned building an institution in India that could rival global giants like JP Morgan and Goldman Sachs. From humble beginnings with just three employees in a 300 sqft office in Fort, Mumbai, he has watched his dream flourish into a pre-eminent bank and financial institution.