Uday Kotak will resign from the post of CEO of Kotak Mahindra Bank, will not hand over the command to son Jai Kotak

Kotak Mahindra Bank: Kotak Mahindra Bank, a private sector bank, is looking for its new CEO. At present, Uday is the CEO of Kotak Bank. But according to the new rules of RBI, he will have to leave this post. It is a tradition in corporate houses that after the promoter i.e. the owner of the company withdraws, the responsibility of the company is handed over to his son. But nothing like this is going to happen in Kotak Mahindra Bank. Kotak Mahindra Bank will not appoint Uday Kotak’s son Jai Kotak as CEO in his place.

Uday Kotak is the CEO of private bank Kotak Mahindra Bank. Along with this, he also has the highest stake in the bank. Uday Kotak holds 25 per cent stake in Kotak Mahindra Bank. Despite this, according to media reports, Uday Kotak has decided not to make his son the CEO. The bank has said that Uday Kotak’s son Jai Kotak will not replace his father. Kotak Mahindra Bank director KVS Manian has said that Jai Kotak is not in the race to become CEO. He said that he is very young for this post and he has to prove himself first like everyone else. It is believed that Kotak Mahindra Bank may appoint a new CEO within the next 5 to 6 months. Uday Kotak has been the CEO of the company since 1985.

Who is Uday Kotak?
Uday Kotak is currently the Executive Vice Chairman of Kotak Mahindra Bank and is also the MD of the bank. He ventured into the business of financial services, investment banking, car financing, insurance and mutual funds. In 2003, RBI granted banking license to his company. Uday Kotak’s net worth was $14.8 billion last year. Also, his annual salary is around Rs 36 crore.

Who is Jai Kotak?
Jai Kotak is the son of Uday Kotak. He holds a BA from Columbia University and an MBA from Harvard Business School. He has also worked with McKinsey and Goldman Sachs.

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