New Delhi:

Banker Uday Kotak has resigned as CEO and Managing Director of Kotak Mahindra Bank.

In a letter to Prakash Apte, Chairman of the Board of Directors, Mr Kotak said he has resigned “with immediate effect” though he still has a few months to go.

“I have mulled over this decision for some time and believe this is the right thing to do,” Mr Kotak said in the letter.

“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,” he said.

Meantime, the current joint MD Dipak Gupta will function as MD and CEO, subject to approvals.

“As founder, I am deeply attached to brand Kotak and will continue to serve the institution as non-executive director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” Mr Kotak said.

My letter is attached pic.twitter.com/vcSIEcvy2r

— Uday Kotak (@udaykotak) September 2, 2023

Mr Kotak has led the group in a broad range of financial services for 38 years. He has said he believes the true measure of performance is sustainable value creation.

The group’s vision for equitable prosperity also extends beyond financial services. The group via Kotak Education Foundation works with some of India’s most economically underprivileged communities, attempting to alleviate poverty through education and livelihood programmes.