Uday Kotak Steps Down As MD & CEO Of Kotak Mahindra Bank

New Delhi: Uday Kotak has resigned as the Managing Director and CEO of Kotak Mahindra the Bank with effect from September 1. Kotak, whose resignation was considered at the Bank’s Board Meeting on Saturday, will continue as a non-executive Director of the Bank.

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.