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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.

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Updated: 02 Sep 2023, 04:45 PM IST

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.