Uday Kotak stepped down as the Managing Director and CEO of Kotak Mahindra Bank on September 1, 2023. He will continue as a non-executive director until December 31, 2023.
During this interim period, Dipak Gupta, the joint managing director, will assume the MD and CEO duties, pending approval from the RBI and bank members. Kotak initiated this transition to facilitate the bank’s succession plan.
The bank is awaiting RBI approval for Kotak’s proposed successor, as reported in February when they engaged consulting firm Egon Zehnder for a global CEO search. Kotak had been leading the bank since its inception in 1985 and has a net worth of approximately $13.4 billion.
He remains deeply attached to the brand as its founder and will continue to serve as a Non-Executive Director and significant shareholder. He reflects on the bank’s journey from a small office in Mumbai 38 years ago to its current stature, creating value for stakeholders and providing numerous jobs. An investment of Rs10,000 in the bank in 1985 would be worth around Rs 300 crore today.
What he said!!
Kotak, in his message, said as founder, he is deeply attached to brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. “We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” Kotak added.
“A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream,” Kotak added.
Over years, Kotak Mahindra has created value for stakeholders and provide over one lakh direct jobs, Kotak said. An investment of Rs10,000 in the bank in 1985 would be worth around Rs 300 crore today,” Kotak added.