HDFC Bank sets up six-member panel to find successor to managing director Aditya Puri

  • India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year

  • The search committee will comprise Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry representative of HDFC, the parent of the bank. Gopinath is the bank's chairperson

  • Puri will act as an advisor to the search committee, the bank said

New Delhi: HDFC Bank on Thursday said it has formed a six-member committee to find a successor to Managing Director Aditya Puri who is set to retire in October next year.

India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.

"The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on 26 October, 2020," the bank said in a regulatory filing.

 HDFC Bank sets up six-member panel to find successor to managing director Aditya Puri

File image of Aditya Puri. News18

The search committee will comprise Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry representative of HDFC, the parent of the bank. Gopinath is the bank's chairperson.

"The search committee, over the next few months, shall evaluate internal and external candidates to ensure a smooth transition," the bank said.

Puri will act as an advisor to the search committee, the bank said.

It is noteworthy that Puri, the managing director and chief executive since 1994 when the bank was set up, has seen a whopping 41 percent increase in total remuneration in 2019 to Rs 13.67 crore.

He turns 70 next year and has been instrumental in getting the bank to its current stature as one of the most valued banks globally in terms of price to earnings ratio.

Also there are reports that Puri, an ex-Citibanker, may continue as the non-executive chairman post-retirement.

In a separate filing, the bank informed the bourses that its board has approved appointments of Sashidhar Jagdishan and Bhavesh Zaveri as additional directors as well as executive directors for a period of three years period each from 28 November, 2019, subject to RBI approval.

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Updated Date: Nov 28, 2019 19:55:40 IST