The search committee to identify a successor to Managing Director Aditya Puri has been reconstituted owing to the cessation of Keki Mistry’s directorship from the board, HDFC Bank said in an exchange filing on Wednesday.
The search committee to identify a successor to Managing Director Aditya Puri has been reconstituted owing to the cessation of Keki Mistry’s directorship from the board, HDFC Bank said in an exchange filing on Wednesday. Keki Mistry is the vice chairman and CEO of Housing Development Finance Corporation. The reconstituted search committee includes Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Renu Karnad (representative of HDFC). Aditya Puri’s tenure ends on October 26, 2020. “The Search Committee has been reconstituted as above owing to the cessation of Mr. Keki Mistry’s directorship from the Board of the Bank and Mrs. Renu Karnad’s appointment as Additional Non‐Executive Director on the Board of the Bank. Mr. Aditya Puri shall continue to act as an advisor to the Search Committee,” HDFC Bank said in the regulatory filing. HDFC Bank shares were trading at Rs 1,149.15, down 32.65, or 2.76 per cent on NSE.
Aditya Puri, last month, said that the concerns being raised on the succession plan are overblown, CNBC TV-18 reported. “Succession is not a one -time affair”, Aditya Puri also said. There is no difference of opinion at the board level when it comes to a successor and it is rooting for the best candidate, Aditya Puri added. It’s not necessary that my successor will be an internal candidate only, he also said. In January 2020, the HDFC Bank had selected a global executive search firm, Egon Zehnder, to identify a successor to Aditya Puri.
Meanwhile, HDFC Bank’s profit rose 33 per cent to Rs 7,416 crore in Q3FY20 when compared with the same period in the previous year. It had posted a net profit of Rs 5,585.85 crore in the same period last year.