HDFC Standard Life Insurance appointed Vibha Padalkar as its MD and CEO replacing Amitabh Chaudhry for a period of three years effective Wednesday. She was earlier serving as company’s executive director and chief financial officer. Her appointment came on the backdrop of the resignation of the current MD and CEO, Amitabh Chaudhry on September 8 to join Axis Bank as MD and CEO for a period of three years, effective January 1, 2019.
“Based on the recommendation of the Nomination & Remuneration Committee, the Board of Directors have appointed Ms Vibha Padalkar, as the Managing Director & Chief Executive Officer of the Company for period of 3 years commencing from September 12, 2018. The terms of appointment are subject to approval by the Shareholders and the Insurance Regulatory and Development Authority of India,” said company in the exchange filing.
“It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders,” PTI reported Vibha Padalkar as saying.
Vibha Padalkar joined the company in August 2008. Since then, she has been leading the finance, investor relations, legal, secretarial and compliance, internal audit and risk functions.
The shares of HDFC Life were trading at Rs 434.8 down 2.49 percent on BSE today at the time of reporting.