Uday Kotak to take Non-executive role in Kotak Mahindra after completion of his CEO Tenure

New Delhi (22/04/2023): After his current term as CEO ends this year, Uday Kotak, the bank’s current CEO and Managing Director (CEO and MD), plans to go into a non-executive position at the company.

Kotak will be named as a non-executive, non-independent Director of the bank when his tenure as MD and CEO expires, according to a regulatory filing made by the company on April 21.

Kotak’s tenure as the CEO and MD of the bank will come to an end on December 31, 2023.

Since its establishment as a non-banking financial corporation (NBFC) in 1985, Kotak Mahindra Bank (KMB), the fourth largest private lender in the nation, has been led by seasoned banker Uday Kotak.

The corporation has expanded to become a financial powerhouse across segments since becoming a bank in 2003.

However after his term concludes, according to KVS Manian full-time Director of Kotak Bank announced in November 2022 that Jay Kotak, Uday Kotak’s son, won’t be a candidate for the post of CEO. According to Bloomberg, the bank has hired an international recruitment agency Egon Zehnder in February 2023 to find a new CEO.

There are several seasoned executives leading various divisions at Kotak Mahindra Bank, including at least two senior executives who might be interested in the top position. Shanti Ekambaram and KVS Manian, both full-time directors, are reportedly among the top candidates for the position.