Uday Kotak is the founder of Kotak Mahindra Bank.
As indicated by the Bloomberg Billionaires Index, Kotak’s estimated net worth is approximately $13.4 billion, reaffirming his significant financial standing.
Uday Kotak, the Managing Director and CEO of Kotak Mahindra Bank made headlines by opting to receive a symbolic salary of just Rs 1 for the fiscal year 2022-23, as per the bank’s annual report. As of March 31, 2023, Uday Kotak, along with his family members and business interests, holds an impressive stake of 25.95% in the equity share capital of Kotak Mahindra Bank. Additionally, they possess 17.26% of the paid-up share capital of the bank. According to Kotak Mahindra Bank’s annual report, Deepak Gupta, the joint Managing Director, received an annual salary of Rs 5.43 crore. This compensation package comprises a basic pay of Rs 2.74 crore and an annual incentive of Rs 1.18 crore.
Among other full-time directors, KVS Manian received a substantial compensation package totalling Rs 5.3 crore. Gaurang Shah, who has since retired, was granted a generous sum of Rs 5.03 crore, including retirement benefits. Shanti Ekambaram received a notable total package of Rs 2.02 crore.
In response to the COVID-19 pandemic, the senior management of Kotak Mahindra Bank had previously decided to reduce their salaries by 15%. Following suit, Uday Kotak, the CEO, made a personal choice to completely forgo his salary.
In a letter addressed to the bank’s shareholders, Uday Kotak expressed his commitment to maintaining an influential presence within the organization despite relinquishing his full-time position. He stated, “Going forward, I view my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class organization.”
In February, Bloomberg reported that Kotak Mahindra Bank’s board had engaged consulting firm Egon Zander to assist in the search for a new CEO who would succeed Uday Kotak, the esteemed billionaire founder. Kotak has led the bank since its inception in 1985 as a non-banking financial institution, which subsequently transformed into a commercial lender in 2003. According to the Bloomberg Billionaires Index, Kotak’s estimated net worth stands at approximately $13.4 billion, solidifying his significant financial stature.
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