Uday Kotak to be occupied with family commitments post retirement, here’s details
Kotak Mahindra Bank managing director and chief executive officer — Uday Kotak — on 1 September stepped down with immediate effect, the private lender said in a communication to exchanges on 2 September.
Though Uday said he will continue as a non-executive director of the bank. As per details, his tenure as the CEO and MD of the bank ends on 31 December, 2023.
In a handwritten letter, Uday Kotak mentioned that post his retirement he will be occupied with few personal and family engagements.
“Over the next few months, I am going to be significantly occupied with some personal and family commitments. My elder son’s marriage functions are being planned. Consequently, considering the proximity of these events to the end of my tenure, I thought it appropriate to hand over the baton and stagger the transition,” Uday Kotak wrote in the letter.
Meanwhile, Dipak Gupta, the joint managing director, will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank.
This is a developing story, it will be updated shortly.
Download The Mint News App to get Daily Market Updates & Live Business News.
More
Less
Updated: 02 Sep 2023, 04:45 PM IST