Dipak Gupta, who has served as the Group’s joint managing director since 2012, will serve in that capacity as a temporary arrangement.
Uday Kotak, the bank’s founder and promoter, resigned as managing director and chief executive officer on Saturday, effective September 1, 2023, marking a significant change in the organization’s management structure. He will now be a non-executive director and a large stakeholder of the bank. Following a meeting of its Board of Directors, the choice was determined.
On X (previously Twitter), Kotak, who oversaw the Kotak Mahindra Group for 38 years, announced his resignation. The institution continues to thrive even after its founders have passed away, he claimed.
He also recalled how the establishment of a comparable institution in India, which ultimately resulted in the founding of the Kotak Mahindra Group, was sparked by the likes of financial industry heavyweights JP Morgan and Goldman Sachs. “I founded Kotak Mahindra 38 years ago with three people in a 300 square foot office in Fort, Mumbai, with the help of this ambition. Living my dream, I have treasured every moment of this unforgettable adventure,” he stated.
In his post, he discussed how the bank has expanded since its founding and has created value for its stakeholders in addition to more than 1 lakh jobs. “10,000 invested with us in 1985 would be worth about $300 cr today,” he continued.
Dipak Gupta, who has served as the bank’s joint managing director since 2012, will serve in that capacity for the duration of the agreement. Until the Reserve Bank of India (RBI) suggests a replacement, this arrangement will be in effect through December 31, 2023. Gupta has nearly three decades of expertise in the financial services industry and has overseen key operations, marketing, administration, and human resources, among other things.
The Group has increased its position in a number of financial services industries under Kotak’s direction, including investment banking, stock broking, life insurance, mutual funds, and auto financing.
MD & CEO of “Kotak Mahindra Bank” Uday Kotak, stepped down…