Kotak Mahindra Bank founder Uday Kotak has stepped down as CEO and MD of the bank.
New Delhi:
Banker Uday Kotak has resigned as CEO and Managing Director of Kotak Mahindra Bank. In a letter to Prakash Apte, chairman of the board of directors, Uday Kotak said he has resigned “with immediate effect”, although he still has a few months left.
Also read this
“I have considered this decision for some time and I believe it is the right thing to do,” Kotak said in the letter.
He said, “Succession is top of my mind at Kotak Mahindra Bank, as our chairman, myself and joint MD will step down by the end of the year. I look forward to sequencing these departures to ensure a smooth transition. I am now beginning this process and voluntarily stepping down as CEO.
Currently, the current Joint MD Deepak Gupta will act as MD and CEO subject to approval.
“The founder goes but the organization always thrives”
Uday Kotak said, “As founder, I have a deep connection with brand Kotak and will continue to serve the organization as a non-executive director and significant shareholder. We have an excellent management team to carry on the legacy. The founders go but the organization always thrives.”
Uday Kotak has led the group in a wide range of financial services for over 38 years. He has said that he believes the true measure of performance is sustainable value creation.
The group’s vision for equal prosperity extends beyond financial services. Through the Kotak Education Foundation, the group works with some of India’s economically disadvantaged communities, trying to reduce poverty through education and livelihood programs.