Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank, Dipak Gupta takes over as interim leader

Kotak Mahindra Bank Limited has announced key leadership changes following a meeting of its Board of Directors on Saturday. Uday Kotak, the founder and promoter of Kotak Mahindra Bank, has stepped down from his role as Managing Director & CEO, effective September 1, 2023. Kotak, who has played a pivotal role in the institution's growth over the past 38 years, will continue to be associated with the bank as a Non-Executive Director. His term as Non-Executive Director will extend for a period of five years, not liable to retire by rotation.

Under Kotak's leadership, Kotak Mahindra Group expanded its presence in various financial services sectors, including stock broking, investment banking, car finance, life insurance, and mutual funds. He also served as Non-Executive Chairman of the IL&FS Board, playing a crucial role in resolving the NBFC's deep crisis.

Dipak Gupta, who has been a full-time director of the bank since January 1999 and was designated as the Joint Managing Director on January 1, 2012, will take on the duties of Managing Director & CEO as an interim arrangement. This arrangement is set to continue until December 31, 2023, subject to the approval of the Reserve Bank of India and the bank's members.

Gupta boasts over three decades of experience in the financial services sector, with significant contributions to Kotak Mahindra Group's growth and development. He has overseen various critical functions, including IT, cybersecurity, Digital Initiatives, Internal Audit, Human Resources, Marketing, Compliance, Administration, Infrastructure, Operations, and more.

In his new role as the interim Managing Director & CEO, Gupta will shoulder the responsibility of guiding the bank through this transitional period and maintaining its commitment to excellence.

The bank has already submitted an application to the Reserve Bank of India (RBI) seeking approval for the appointment of a new Managing Director & CEO, effective January 1, 2024. As per regulatory requirements, Kotak Mahindra Bank has confirmed that both Kotak and Gupta are not debarred from holding the office of a Director by any SEBI Order or other relevant authorities.