In a significant leadership transition at Kotak Mahindra Bank Limited, its founder and promoter, Uday Kotak, has officially stepped down from his role as Managing Director and Chief Executive Officer, effective September 1, 2023. Mr. Kotak will continue his association with the bank as a substantial shareholder and assume the role of a non-executive director. This decision was reached following a meeting of the bank’s Board of Directors. With a tenure of 38 years leading the Kotak Mahindra Group, Mr. Kotak announced his resignation through a public statement, citing, ‘Founders may depart, but the institution thrives in perpetuity.’
During this transitional phase, the bank will be under the interim leadership of Dipak Gupta, who has been serving as Joint Managing Director since 2012. This interim arrangement is expected to remain in effect until December 31, 2023, unless the Reserve Bank of India (RBI) proposes a successor before that date.