Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank

Uday Kotak,  Managing Director & CEO of the bank, officially resigned from his position, effective September 1, 2023. This pivotal decision was announced following a Bank Board Meeting held today, marking the end of an era for the financial institution.

Kotak, who has been at the helm of the bank for a considerable period, will transition into a new role as a Non-Executive Director within the bank's leadership structure. This shift reflects a strategic realignment within the organization.

To ensure a smooth transition and continuity in leadership, Dipak Gupta, the Joint Managing Director, will temporarily assume the responsibilities of the Managing Director & CEO until December 31, 2023. This interim arrangement is pending approval from both the Reserve Bank of India and the bank's members.

The bank has already submitted an application to the Reserve Bank of India ("RBI") to seek approval for the appointment of a new Managing Director & CEO, effective from January 1, 2024.