Billionaire Uday Kotak Resigns as CEO of Kotak Mahindra Bank

Uday Kotak, billionaire founder and CEO of Kotak Mahindra Bank, has stepped down from his position four months before his term was set to end, citing personal reasons. The early exit is expected to alleviate concerns about Kotak's influence over his successor. Dipak Gupta, the current joint managing director, will assume the role of CEO until December 31. The bank has already applied for approval from India's central bank for the new managing director. Kotak will remain on the bank's board as a non-executive director and significant shareholder.