Meet IIM alumnus who is set to lead Rs 3,52,000 crore company, earlier headed by India's richest banker
He has been working with the company in various roles since 1992.
Dipak Gupta has been appointed as the interim MD and CEO of Kotak Mahindra Bank for a three-month period till December 31, 2023. He had been serving as the joint managing director of the bank until his elevation to the top post. His appointment is subject to the approval of the RBI and the members of the bank.
His appointment came after Uday Kotak, the founder and promoter of Kotak Mahindra Bank, resigned as Managing Director (MD) and Chief Executive Officer (CEO) on Saturday. Now, Gupta will head the bank which has a market capitalisation of Rs 3,52,000 crore as of September 1, 2023. The share price of the bank was Rs 1,772.50 on Friday.
Gupta took on the role of Joint Managing Director in 2012. He got an annual compensation of Rs 5.43 crore in his role for the financial year 2022-23. Gupta's total package included a basic salary of Rs 2.74 crore and an annual incentive of Rs 1.18 crore.
He has been a No 2 for over a decade. Gupta has experience of over three decades in the financial sector, he has spent nearly two and a half decades at Kotak Bank. He joined Kotak Group in 1992. Before this, he worked with the consultancy division of AF Ferguson.
Gupta holds a bachelor's degree in B.E (Electronics). He also did PGDM from Indian Institute of Management (IIM), Ahmedabad. Gupta was appointed as Executive Director of KMFL in 1999. He has played a key role in building various businesses for the Kotak Group. Gupta was also responsible for setting up the retail business following the conversion of KMFL (Kotak Mahindra Finance Limited) into a bank.