After completing his tenure as CEO of Kotak Mahindra Bank, Uday Kotak will transition into the position of a non-executive, non-independent director of the bank. Speaking of, by the end of this year, his term will have come to a conclusion.
In a regulatory filing, Kotak Mahindra Bank 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 set a 15-year term limit for MD and CEO at private sector lenders starting on October 1, 2021, but it has allowed the incumbent bank leaders to finish their current appointments.
Uday Kotak will step aside from his CEO position by the end of this year in accordance with central bank guidelines that set tenure limits for Indian corporate leaders. People with knowledge of the situation had claimed that Kotak Mahindra Bank Ltd.’s board has hired consulting firm Egon Zehnder to oversee a global hunt for a new CEO to succeed its billionaire founder Uday Kotak.
According to the sources, KVS Manian is the internal candidate for the top position. They pleaded with anonymity to discuss sensitive material but claimed that the board was broadening its search to ensure it found suitable external candidates. The spokesperson for Kotak Mahindra Bank declined to comment, and inquiries to Egon Zehnder’s office for comment did not immediately receive a response.
The robust demand for credit in India helped the bank’s net income, which increased by 31% to 27.9 billion rupees ($337 million) in the quarter that ended in December. According to the reports, it is also considering a minority sale of its general insurance division.
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