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{"id":1162,"date":"2021-04-27T11:53:40","date_gmt":"2021-04-27T11:53:40","guid":{"rendered":"https:\/\/newsstore24.com\/?p=1162"},"modified":"2021-04-27T11:53:43","modified_gmt":"2021-04-27T11:53:43","slug":"the-stock-of-kotak-mahindra-bank-has-dropped-as-the-rbi-has-imposed-a-term-limit-on-founder-ceos","status":"publish","type":"post","link":"https:\/\/newsstore24.com\/2021\/04\/27\/the-stock-of-kotak-mahindra-bank-has-dropped-as-the-rbi-has-imposed-a-term-limit-on-founder-ceos\/","title":{"rendered":"The stock of Kotak Mahindra Bank has dropped as the RBI has imposed a term limit on founder-CEOs."},"content":{"rendered":"\nFollowing the Reserve Bank of India’s decision to limit a bank’s founder’s tenure as chief executive officer to 15 years, Kotak Mahindra Bank Ltd.’s stock took the biggest hit among peers.<\/p>\n\n\n\n
According to a note by Suresh Ganapathy, an analyst at Macquarie Capital Securities Ltd, this gives Uday Kotak, the world’s wealthiest banker, less than three years to find a successor. On January 1, 2024, Kotak’s current term as CEO of India’s fourth-largest private lender will come to an end.<\/p>\n\n\n\n
Since Kotak has already served as managing director and chief executive officer of the lender for 15 years, he will not be eligible for reappointment when his term ends. The note was written by Ganapathy. In addition, second-in-line joint managing director Dipak Gupta “may not be qualified to succeed Kotak as CEO because the 15-year limit applies to all full-time directors on the board,” according to the report.<\/p>
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