The founder and chief executive officer of India’s fourth largest bank has decided to voluntary step down ahead of schedule.
Kotak Mahindra Bank's Uday Kotak has resigned as managing director and CEO of the Indian lender, according to an exchange filing on Saturday.
Kotak was originally slated to step down at the end of the year when his term ends but decided to exit earlier due to personal reasons. Current joint managing director Dipak Gupta will serve as the interim CEO until December 31.
Smooth Transition
Separately, Kotak said he will remain on the bank’s board as a non-executive director and significant shareholder, according to a social media post. He added that Kotak Mahindra was awaiting the Reserve Bank of India's approval of a proposed successor without disclosing a name.
«Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO,» Kotak said in the post on X, formerly known as Twitter.
38 Years Ago
According to Kotak, the bank was first established in 1985 with just three employees housed in a 300 square feet office in Fort, Mumbai. Today, it is India's fourth largest lender and provides over 100,000 direct jobs.
«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,» said Kotak, who is the country's richest banker with a net worth of of $13.3 billion, according to Forbes.
«Founders go away, but the institution flourishes into perpetuity. I am confident that this Indian-owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse.»
