Uday Kotak Pens Down a Heartfelt Note As He Resigns From Kotak Mahindra

Founder of the Kotak Mahindra Bank Ltd., Uday Kotak on Saturday penned down an emotional note after he officially resigned from his services as Managing Director and Chief Executive Officer. Kotak shared an emotional post on platform X describing 38 years of his journey with the bank.

Emphasising on his relationship with the company, Kotak wrote that he is attached to the the brand and would continue to serve the institution as Non-Executive Director and significant shareholder.

His note further stated that he started the organisation 38 years ago with three employees in a 300 sq ft office in Fort, Mumbai after being inspired by JP Morgan and Goldman Sachs.

"A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream."

Notably, Dipak Gupta, the Joint Managing Director of the Kotak Mahindra Bank Ltd., will be the acting Managing Director and Chief Executive Officer till December 31, until the new CEO would be appointed to resume the services in December.

Uday's resignation comes four months ahead of his retirement on December 31. Dipak Gupta, and Prakash Apte, Chairman of Kotak Mahindra are also going to complete their work tenure on December 31 along with Uday Kotak.

Reportedly, full-time directors KVS Manian and Shanti Ekambaram are the faces of the role of CEO from within the bank. However, in such a case, name of an external candidate should be submitted by the bank.

Kotak has now become a non-executive director of the bank post his resignation.