Newsinc24 Team 
In a key leadership change in the Kotak Mahindra Bank Limited, its founder and promoter Uday Kotak on Saturday stepped down as its managing director and chief executive officer, effective September 1, 2023. He will now be associated with the bank as its significant shareholder and a non-executive director. The decision was made following a meeting of its Board of Directors.In his X post, he shared how the bank has grown over the period since it was established and create value for its stakeholders as well as proving over 1 lakh jobs. “An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today,” he added.
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.…
— Uday Kotak (@udaykotak) September 2, 2023
As an interim arrangement, the bank will be headed by Dipak Gupta, who so far led it as the joint managing director since 2012. This arrangement will remain in place till December 31, 2023, until the Reserve Bank of India (RBI) proposes its successor.
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