uday kotak news: Uday Kotak to become non-executive, non-independent director at Kotak Mahindra Bank after CEO tenure

Billionaire banker Uday Kotak will become a non-executive and non-independent director of the Kotak Mahindra bank after his tenure as chief executive officer and managing director ends this year, the bank said in a BSE filing

The billionaire banker’s transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.

The bank, in a filing on April 21, said that Uday Kotak will be appointed as non-executive non-independent director of the bank upon his ceasing to be the Managing Director & CEO.

Earlier, the bank engaged consulting firm Egon Zehnder to lead a global search for his replacement.

Group presidents and whole-time directors Shanti Ekambaram and KVS Manian are the internal candidates for the top job, Bloomberg had earlier reported.

Uday Kotak has been leading the bank since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. Kotak Mahindra Bank has 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.