News: Three people in race to succeed HDFC CEO, CEO Aditya Puri

Leadership

Three people in race to succeed HDFC CEO, CEO Aditya Puri

The bank has submitted its application to the Reserve Bank of India (RBI) with names of candidates in the order of preference to seek nod for the appointment.
Three people in race to succeed HDFC CEO, CEO Aditya Puri

HDFC bank has finalized three candidates to succeed its chief executive officer (CEO) and managing director Aditya Puri whose term is due to expire on 26 October, 2020.

“The Board of Directors of the Bank has today finalized the names of three candidates, in the order of preference, for the position of the Managing Director & Chief Executive Officer (MD & CEO) of the Bank,” HDFC informed the bourses in a statutory filing.

HDFC awaits for RBI approval for the appointment of CEO Aditya Puris successor; the bank has finalized three candidates. The bank has submitted its application to the Reserve Bank of India (RBI) with the names of candidates in the order of preference to seek a nod for the appointment.

However, HDFC has not revealed the names of the candidates who are in line to succeed Puri.

Meanwhile, the bank also informed the bourses in another filing on the same day that Sashidhar Jagdishan and Bhavesh Zaveri, who are in charge of operations, have resigned as additional directors.

The resignations have been tendered in line with the RBI’s instruction asking HDFC to keep their appointments in abeyance till a new MD and CEO takes charge.

“We refer to our earlier intimation dated April 8, 2020 regarding the RBI communication advising the Bank to examine and submit the proposal for appointment of Sashidhar Jagdishan and Bhavesh Zaveri as Executive (Whole-Time) Directors of the Bank after a new MD and CEO assumes charge later this year,” said the bank’s filing.

Puri, who built HDFC Bank from scratch since its inception in 1994 and made it the second largest lender with more than Rs 9 lakh crore assets, is the highest paid banker in the country and is retiring on October 26, 2020.

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Topics: Leadership

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