By the Buckstopper Reporter
Banker Uday Kotak has stepped down as CEO and Managing Director of Kotak Mahindra Bank.
“I have mulled over this decision for some time and believe this is the right thing to do,” Mr Kotak said in the letter.
In a letter to Prakash Apte, Chairman of the Board of Directors, Kotak said he has resigned “with immediate effect” though he still has a few months to go.
“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.
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.
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