Kotak Mahindra Bank announced that Uday Kotak has resigned from the role of Managing Director and Chief Executive Officer of the Bank, with effect from September 1, 2023.
According to the bank’s exchange filing, “Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and the meeting of the Board of Directors of Kotak Mahindra Bank Limited (“Bank”) held on September 2, 2023, please note that: Mr. Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank’s Board Meeting held today and has become a Non-Executive Director of the Bank.”
Uday Kotak is the Founder and Promoter of the Bank and has been the Managing Director & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002. He has played an important role in the institution’s growth over the past 38 years. Under Kotak’s leadership, Kotak Mahindra group established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds.
Kotak leads several key bodies and is currently Co-Chairman of the Indo-UK Financial Partnership (IUKFP) and Chairman of the Advisory Committee on Corporate Insolvency and Liquidation (Insolvency & Bankruptcy Board of India). He is on the International Advisory Panel of Monetary Authority of Singapore, the International Advisory Board of the Government of Singapore Investment Corporation, the Investment Advisory Committee of India’s Army Group Insurance Fund. From October 1, 2018 to April 2, 2022, Uday Kotak served as Non-Executive Chairman of the IL&FS Board as constituted by the Government of India to steer the NBFC out of a deep crisis, which he served as his national duty.
Kotak is the recipient of many accolades including the ‘EY World Entrepreneur of the Year Award’ in 2014, ‘Economic Times Business Leader of the Year Award’ in 2015, ‘Businessman of the Year 2016’ by Business India, ‘Lifetime Achievement Award’ at Financial Express’ Best Banks’ Awards 2016, ‘USIBC Global Leadership Award’ at the 2018 India Ideas Summit organised by the U.S.-India Business Council, ‘Life Time Achievement Award’ at Magna Awards 2019 by Businessworld, ‘Best CEO in Banking Sector’ by the Business Today Best CEO Awards 2019 and ‘India Business Leader of the Year’ by CNBC-TV18 at the India Business Leader Awards 2021.
Kotak holds a Bachelor’s degree in Commerce from Mumbai University and a Master’s in Management Studies degree from Jamnalal Bajaj Institute of Management Studies, Mumbai.
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