Two internal candidates in race to replace Kotak as MD
New Delhi, September 4
Two whole-time directors KVS Manian and Shanti Ekambaram of Kotak Mahindra Bank are in the race for the post of managing director and CEO, the position vacated by Uday Kotak last week.
Kotak stepped down as MD and CEO of the bank effective September 1, 2023, four months ahead of his term was to end.
RBI to finalise soon
- The RBI will soon decide on Kotak’s replacement as the new MD and CEO of Kotak Mahindra Bank, as the new chief has to take charge on or before January 1, 2024
- Kotak, whose holding in the bank stands at 26%, has become a non-executive director of the bank
- As an interim arrangement, its joint managing director Dipak Gupta will carry out the duties of the MD and CEO until December 31, 2023
The RBI will soon decide on Kotak’s replacement as the new MD and CEO of Kotak Mahindra Bank, as the new person has to take charge on or before January 1, 2024.
Kotak, whose holding in the bank stands at 26%, has become a non-executive director of the bank.
As an interim arrangement, its joint managing director Dipak Gupta will carry out the duties of the MD and CEO until December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the bank, the lender had said in a regulatory filing on Saturday.
Taking to microblogging site X, formerly Twitter, Kotak had said, “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 a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO”.
The bank awaits the RBI approval of the proposed successor, who would take charge from January 1, 2024, Kotak, who has been MD and CEO of the bank since its inception, had said.
“As a founder, I am deeply attached to the brand Kotak and will continue to serve the institution as non-executive director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity,” he said.
