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Business News/ News / India/  Kotak Mahindra Bank CEO Uday Kotak to take non-executive role after end of tenure
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Kotak Mahindra Bank CEO Uday Kotak to take non-executive role after end of tenure

Kotak Mahindra Bank had 1,752 branches across India as of the end of 2022. Uday Kotak has a net worth of about $13.4 billion

Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank, (Mint)Premium
Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank, (Mint)

The current chief executive officer and managing director (CEO and MD) of Kotak Mahindra Bank, Uday Kotak, will take the role of a non-executive, non-independent director of the bank after his tenure as the CEO ends later this year.

Kotak Mahindra Bank, in a regulatory filing said,"appointment of Mr. Uday Suresh Kotak (DIN: 00007467) as a Non-Executive Non-Independent Director of the Bank upon his ceasing to be the Managing Director & CEO." The RBI had capped MD and CEOs' terms at private sector lenders at 15 years, from October 1, 2021 onwards, but has allowed the serving bank heads to complete their current appointments.

Uday Kotak has been leading the Kotak Mahindra Bank since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. Kotak Mahindra Bank had 1,752 branches across India as of the end of 2022. Uday Kotak has a net worth of about $13.4 billion, according to Bloomberg Billionaires Index.

The billionaire banker will transition from his CEO position by the end December this year, after central bank guidelines capped tenures for Indian business heads. 

Earlier according to a report by news agency Bloomberg, Kotak Mahindra Bank Ltd.’s board has engaged consulting firm Egon Zehnder to lead a global search for a chief executive officer to replace its billionaire founder Uday Kotak, people with knowledge of the matter said.

Group presidents and whole-time directors Shanti Ekambaram and KVS Manian are the internal candidates for the top job, according to the people. The board is expanding the search to ensure it finds suitable external candidates, they said, asking not to be identified discussing confidential information.

A representative for Kotak Mahindra Bank declined to comment, while a representative for Egon Zehnder didn’t immediately respond to requests for comment.

The bank’s net income jumped by 31% to 27.9 billion rupees ($337 million) in the quarter ended December, backed by strong demand for credit in India. It is also exploring a minority sale in its general insurance business, Bloomberg News has reported

*with agency inputs

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Published: 22 Apr 2023, 11:15 AM IST
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