Uday Kotak to take non-executive role at Kotak Mahindra Bank after his CEO tenure concludes

After Uday Kotak's term as CEO and managing director of Kotak Mahindra Bank ends later this year, he will transition into the position of a non-executive, non-independent director of the bank. In a regulatory filing, Kotak Mahindra Bank stated, "Appointment of Uday Suresh Kotak (DIN: 00007467) as a Non-Executive Non-Independent Director of the Bank upon his ceasing to be the Managing Director & CEO."

The company shared that the resolution of appointing Uday Suresh Kotak as Non-Executive Non-Independent Director of the Bank was passed by almost 99 per cent of the votes in favour of the decision and only about 0.9 per cent against the decision.

Since the bank's founding as a non-banking financial organisation in 1985, Uday Kotak has served as its CEO. As of the end of 2022, Kotak Mahindra Bank had 1,752 branches throughout India.

Following central bank norms that capped tenures for Indian corporate leaders, the billionaire banker will step down from his CEO position by December 31, 2023.

According to a Bloomberg report, Kotak Mahindra Bank Ltd.’s board has engaged consulting firm Egon Zehnder to lead a global search for a chief executive officer to replace its billionaire founder Uday Kotak.