Renu Sud Karnad replaces Keki Mistry on search panel for new HDFC Bank chief

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Published: March 5, 2020 12:02 AM

HDFC Bank’s intention to invest in technology infrastructure has raised expectations that the new chief could be a tech hand rather than a career banker.

Of late, it has taken the view that to build and retain a strong customer base, it would have to focus on consistency of experience and innovation. Of late, it has taken the view that to build and retain a strong customer base, it would have to focus on consistency of experience and innovation.

HDFC Bank on Wednesday said that Renu Sud Karnad would replace Keki Mistry as Housing Development Finance Corporation’s (HDFC) representative on the search committee to identify new managing director for the bank. Early this year, Mistry had stepped down from the bank’s board at the end of an eight-year tenure.

Karnad is the managing director of HDFC. The bank’s current chief Aditya Puri will continue to be an advisor to the search panel, HDFC Bank clarified in a communication to the stock exchanges. “The Search Committee has been reconstituted as above owing to 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,” the bank said.

The other five members on the search committee are Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sanjeev Parekh and Srikanth Nadhamuni. Succession at the country’s largest private lender is being closely watched by investors as Aditya Puri has led it for the last 25 years.

In a post-results call with analysts in January, Sashidhar Jagdishan, group head for finance, HR, legal & secretarial, and administration, HDFC Bank, said that the board was considering both internal and external candidates for the top job.

HDFC Bank’s intention to invest in technology infrastructure has raised expectations that the new chief could be a tech hand rather than a career banker.

Of late, it has taken the view that to build and retain a strong customer base, it would have to focus on consistency of experience and innovation. The payback period for its investments in operations across core banking applications and user interface could range anywhere between “a few weeks to a few years”, the bank has earlier said.

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