"Believe Right Thing To Do": Uday Kotak Resigns As Kotak Mahindra CEO

Banker Uday Kotak has resigned as CEO and Managing Director of Kotak Mahindra Bank.

In a letter to Prakash Apte, Chairman of the Board of Directors, Mr Kotak said he has resigned "with immediate effect" though he still has a few months to go. My letter is attached pic.twitter.com/vcSIEcvy2r

"I have mulled over this decision for some time and believe this is the right thing to do," Mr Kotak said in the letter.

"Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year-end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO," he said.