Big Change in Kotak Mahindra Bank Leadership
Uday Kotak Steps Down as MD and CEO Kotak Mahindra Bank, a top private sector bank, is going through a major leadership change. Uday Kotak, who has been the Managing Director and Chief Executive Officer (CEO) of the bank, has resigned from his position. This means the bank needs to find a new MD-CEO, and they have suggested two names to the Reserve Bank for consideration.
Uday Kotak’s Long Leadership Journey Uday Kotak has been at the helm of the bank since way back in 1985 when it wasn’t even a fully commercial bank. It achieved full commercial bank status in 2003. Recently, on a Saturday, the bank informed the stock markets about Uday Kotak’s resignation. He also shared this news on social media.
A Leadership Change Ahead of Schedule Uday Kotak decided to step down before completing his term. According to him, it was crucial for the bank to change its leadership, and he initiated this process by resigning as MD and CEO. His tenure was supposed to last until December 31, 2023, but his resignation took effect on September 1, 2023. Currently, Deepak Gupta is temporarily holding the position of MD & CEO of Kotak Mahindra Bank until December 31, 2023. Uday Kotak remains a non-executive director of the bank. Meanwhile, the bank has begun the process of selecting a new permanent MD and CEO.
Awaiting Reserve Bank’s Approval Uday Kotak mentioned in a CNBC-TV18 report that two names have been proposed to the Reserve Bank for the positions of MD and CEO. He stated that the bank has completed all necessary steps for succession planning, and now they await the Reserve Bank’s approval. This move was essential to address uncertainties related to leadership succession within the bank.