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HDFC Bank appoints committee to pick MD Aditya Puri’s successor

“The board of the bank has constituted a search committee to identify a successor to Aditya Puri, the current MD of the bank, whose tenure ends on October 26, 2020,” the bank said in a filing.

By: ENS Economic Bureau | Mumbai | Updated: November 29, 2019 3:38:03 am
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HDFC Bank has appointed a six-member committee to identify a successor to Aditya Puri, the current managing director of the bank. Puri has been the MD of the private lender since its inception in 1994.

“The board of the bank has constituted a search committee to identify a successor to Aditya Puri, the current MD of the bank, whose tenure ends on October 26, 2020,” the bank said in a filing.

The committee comprises Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry (representative of Housing Development Finance Corporation). Gopinath is the current Chairperson of the bank. Once the bank identifies a suitable person, it will forward the name to the RBI. The appointment will need the approval of the RBI.

The regulator had rejected the names of CEOs identified by some private banks in the last three years. Puri, who will turn 70 next year, will have to retire in October 2020 as per the RBI’s norms. In 2014, the RBI raised the upper age limit for bank managing directors and CEOs to 70 years from 65, in line with the Companies Act, 2013.

Aditya Puri, who is credited with making the bank as the most valued bank in the stock markets,, will act as an advisor to the search committee. “The search committee, over the next few months, will evaluate internal and external candidates to ensure smooth transition,” it said.

Before HDFC Bank, Puri was CEO of Citi Bank, Malaysia. He was with Citibank NA for almost 20 years where he handled several functions across many countries. In Hong Kong, he was responsible for Credit & Market Risk for North Asia and also included positioning Citibank for the take-over of Hong Kong by China.

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