The current Deputy Managing Director and founding member of HDFC Bank Ltd., Paresh Sukthankar has stepped down from his role and has cited personal reasons for his resignation.
His resignation has come as a surprise to the bank, as he was being considered as one of the front-runners to succeed MD and Chief Executive Officer (CEO) Aditya Puri, who is set to retire in October 2020.
“He cited personal reasons for leaving. I had told him that he was one of the candidates considered for the post of MD. However, the process would take two years before a final decision is taken,” said Deepak Parekh, Chairman of Housing Development Finance Corp. Ltd (HDFC).
Paresh has been associated with HDFC since its inception in 1994. Later after spending over two decades with the bank, he was appointed as Deputy MD in 2017.
Since the very beginning, he has played an integral role in shaping HDFC Bank into one of India's leading financial institutions. He directed and supervised the Bank's Credit and Risk Management, Finance and Human Resources functions and for led many strategic initiatives of the Bank.
Prior HDFC Bank, Paresh has worked in Citibank for around nine years, in various departments including corporate banking, risk management, financial control and credit administration.
He has also been a member of various committees formed by Reserve Bank of India and Indian Banks' Association.
Paresh is an alumnus of Jamnalal Bajaj Institute (Mumbai) from where he pursued Masters in Management Studies (MMS). He has also done an Advanced Management Program (AMP) from the Harvard Business School.