Uday Suresh Kotak founded the Kotak company in 1985.
Mumbai-based Kotak Mahindra Bank has begun its quest to find a new CEO. Currently, Uday Kotak is the CEO of the bank but according to the new RBI rule, he will have to vacate the coveted position. Normally, in corporate houses, the promoter's son takes over after his/her father retires. However, it will be different in the Kotak Mahindra Bank as the officials have decided not to extend the senior-most post to Kotak's son.
Uday Kotak is also the managing director of the private sector bank. He is also the largest shareholder with over 25 percent shares. However, despite the riches, he hasn't promoted his son to a senior position. The bank has made it clear that Uday Kotak's son Jai Kotak will not succeed his father in the top position
Kotak Mahindra's director KVS Maniyan has made it clear that Jai Kotak isn't in the race to become the next CEO. He said he is too young for the post and that he would have to prove his merit like everyone else.
The bank will appoint another CEO within the next five-six months. Uday Kotak has been the CEO of the company since 1985.
Who is Uday Kotak?
Uday Suresh Kotak was born on March 15, 1959. He is currently the executive vice chairman of the bank and its MD.
Kotak was offered a lucrative job in the 1980s by a multinational company but he instead chose to be an industrialist. He opened several businesses in the areas like financial services, investment banking, car financing, insurance and mutual funds, etc.
In 2003, his finance company was granted the license to become a bank.
His net worth was around 14.8 billion dollars last year.
Uday Kotak was born into a rich Gujarati family. His family was into trading. Growing up, he used to play cricket and the musical instrument sitar.
He is a gifted mathematician.
Uday Kotak has an estimated yearly salary of Rs 36 crore.
Also read: Uday Kotak only Indian on Forbes' 'most powerful people in financial world' list
Who is Jay Kotak? Jay Kotak is the son of Uday Kotak. He did his BA in history from Columbia University. He did an MBA from Harvard Business School. He worked at McKinsey and Goldman Sachs.
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 "Who is Uday Kotak? Who is Jay Kotak?")
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