Uday Kotak, MD & CEO of Kotak Mahindra Bank, unexpectedly resigned on September 2, 2023.
He's a major shareholder in Kotak Bank (25.72%) and instrumental in making the bank the 4th largest with a balance sheet of Rs 4.89L cr.
Kotak's resignation was effective from September 1, 2023, four months before his tenure's expected end on December 31, 2023.
He submitted his resignation in a handwritten letter, citing it as the right decision for the institution.
Uday Kotak will remain associated with the bank as a non-executive director after stepping down as MD & CEO.
The exact reasons for his early exit are not disclosed, but he mentioned personal and family commitments, including his elder son's upcoming marriage.
Dipak Gupta, the current joint managing director of the bank, is set to serve as the interim MD & CEO until the end of Kotak's original tenure,
Kotak Mahindra Bank submitted two names to the RBI for consideration as potential successors to the CEO position.
The 2 internal candidates speculated to succeed are KVS Manian (President of Corporate, Institutional and Investment Banking) and Shanti Ekambaram (President of Consumer Banking).