Kotak Mahindra Bank.
New Delhi:
Following the exit of founder Uday Kotak as managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank, the company’s two whole-time directors KVS Manian and Shanti Ekambaram are in the race for the top post. Kotak has stepped down as MD and CEO of Kotak Mahindra Bank on September 1, four months before his tenure ends. After resigning from the post of MD and CEO of Kotak Bank, he has become a non-executive director of the bank. He has 26 percent stake in the bank.
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The new chief will take charge on or before January 1, 2024. The Reserve Bank of India (RBI) will soon decide on the appointment of the new head of this private sector bank. However, until December 31, 2023, Deepak Gupta, Joint Managing Director of the Bank, will continue to hold the charge of MD and CEO of the Bank until a decision is taken on the top post. However, Gupta’s appointment is pending RBI approval.
Kotak took to social media platform ‘X’ (formerly Twitter), saying, “The succession of Kotak Mahindra Bank is at the forefront of my mind. This is because our Chairman, myself and the Joint Managing Director have to step down by the end of the year. Eager to do.
Kotak began the change with the announcement that he would voluntarily step down as CEO. He said the bank is awaiting RBI approval on the name of the proposed successor.
Kotak, the founder of Kotak Mahindra Bank, once said, “I saw organizations like JP Morgan and Goldman Sachs dominating the financial world and dreamed of creating such an organization in India. It was with this dream that I started Kotak Mahindra 38 years ago with three employees.
He said that Kotak Mahindra Bank is now a reputable bank and financial institution built on the fundamental principles of trust and transparency.