Parekh to give up HDFC executive position,Mistry becomes CEO

The man responsible for the mercurial growth of the HDFC group is giving up the active role in the leading housing finance company in the country....

The man responsible for the mercurial growth of the HDFC group is giving up the active role in the leading housing finance company in the country. Deepak S Parekh,chairman and CEO of HFDC Ltd,has decided to step down from his executive position with effect from December 31,2009 after nearly 31 years of service of which 16 years were as executive chairman. Keki M Mistry,currently the vice chairman & managing director,will be re-designated as the vice chairman and CEO of the company with effect from January 1,2010.

Renu Sud Karnad,currently the joint MD,has been appointed as the managing director for a five years. Parekh will continue as the face of the group, said a corporate observer.

Parekh,who is widely consulted by the government and regulators on various financial sector,housing and infrastructure issues,has been appointed as an additional director of the company with effect from January 1,2010,and will hold office up to the date of the next annual general meeting of the company as per the provisions of Section 260 of the Companies Act,1956.

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Parekh,the main force behind the ascent of the HDFC group in the financial services sector,joined the company founded by his uncle,the legendary HT Parekh in a senior management position in 1978. He was inducted as a wholetime director of the company in 1985 and was appointed chairman in 1993. He was instrumental in HDFC getting into various segments of the financial sector by floating HDFC Bank,HDFC Standard Life,HDFC Mutual Fund and HDFC ERGO General Insurance. The HDFC group has a customer base of 30 million and asset base of Rs 4,00,000 crore.

Mistry who joined HDFC in 1981,has served on the board of the corporation for 16 years. He has worked in various positions and now would be responsible for the overall functioning of the corporation. A chartered accountant by qualification,Mistry was appointed as the deputy managing director in 1999 and the managing director in 2000 and was re-designated as the vice chairman and MD in October 2007.

Having joined the company in 1978,Karnad has been on the board for the last nine years. She will continue to be responsible for the operations,human resources and communications functions of the company. V Srinivasa Rangan,senior GM & chief treasurer,has been appointed as the executive director for five years.

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