The managing director and CEO of Kotak Mahindra Bank, banker Uday Kotak, has resigned from his designation.Even though he still had a few months left, Kotak stated in a letter to Prakash Apte, the chairman of the board of directors, that he had resigned with immediate effect. He mentioned that he had mulled over this decision for some time and believed it was the right thing to do.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 Uday pens down more“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 a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO,” he said in the letter.My letter is attached pic.twitter.com/vcSIEcvy2r— Uday Kotak (@udaykotak) September 2, 2023 Meantime, the current joint MD, Dipak Gupta, will function as MD and CEO, subject to approvals.Uday added, “As founder, I am deeply attached to the brand Kotak and will continue to serve the institution as a non-executive director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,”Illustrious careerFor 38 long years, Kotak has guided the organisation in a variety of financial services. He stated that he thinks the development of sustained value is the actual test of performance. He elaborated on the groups vision for equitable prosperity, which extends beyond financial services.The Kotak Education Foundation works with some of the most economically disadvantaged villages in India to combat poverty.
