Veteran Banker’s Departure
Uday Kotak Resigns : Uday Kotak, a seasoned banker, has tendered his resignation from the position of Managing Director and Chief Executive Officer (MD and CEO) of Kotak Mahindra Bank. Uday Kotak had been leading the private sector Kotak Mahindra Bank for several years. The bank formally announced his resignation to the stock markets on a Saturday. His resignation became effective from September 1.
Following Uday Kotak’s resign, Deepak Gupta, the Joint Managing Director of Kotak Mahindra Bank, has assumed the role of MD and CEO on an interim basis. Under this interim arrangement, Deepak Gupta will hold this position until December 31. However, this decision is still pending approval from the bank’s members and the Reserve Bank of India (RBI).
Uday Kotak had been planning his departure for some time. He stated in a social media post that he had resigned as part of the bank’s succession plan. He will continue to serve as a non-executive director of the bank for the time being. His resignation came ahead of schedule as his tenure as MD and CEO of Kotak Mahindra Bank was originally set to end on December 31, 2023.
Reason for Resignation
Uday Kotak explained his decision in a social media post, stating, “Succession in Kotak Mahindra Bank was uppermost in my mind. By the end of the year, the Chairman, I, and the Joint MD were required to step down. I have been wanting that after the resignation of all three of us, the process of handing over the responsibility to new people should be simple. Keeping this in mind, I have initiated the process and am voluntarily stepping down as CEO.”
Decades with Kotak Mahindra Bank
Uday Kotak has been at the helm of Kotak Mahindra Bank since its inception. The bank was established in 1985 as a non-banking financial company and later became a commercial bank in 2003. Uday Kotak’s association with Kotak Mahindra Bank spans several decades, making him an integral part of its journey.
Uday Kotak’s Net Worth
Uday Kotak is not only renowned as an accomplished banker in India but also globally. He is counted among the wealthiest individuals worldwide. According to the Bloomberg Billionaires Index, Uday Kotak’s current net worth stands at approximately $13.4 billion. He holds approximately 26 percent stake in Kotak Mahindra Bank based on equity share capital.
The Bank’s Humble Beginning
Reflecting on the bank’s beginnings, Uday Kotak shared, “I used to look at names like JP Morgan and Goldman Sachs and how they dominated the financial world. I used to dream of a similar institution in India. To fulfill that dream, I started Kotak Mahindra Bank 38 years ago. We began with 3 employees in a 300 square feet office…”
A Remarkable Journey
Today, Kotak Mahindra Bank has become one of India’s leading financial institutions, employing over one lakh individuals. Summing up this extraordinary journey spanning nearly four decades, Uday Kotak highlighted that a Rs 10,000 investment made in the bank in 1985 has grown to approximately Rs 300 crore today.