Deepak Parekh steps down as IDFC chief, to chair advisory council

After leading infrastructure finance company IDFC as non-executive chairman for 15 years, veteran banker Deepak Parekh today stepped down from the post.   He would however, continue to be associated with the company as chair of the advisory council, which would be formed in the next few months, IDFC said in a statement. The council would have three to four members.

Rajiv Lall, vice chairman and chief executive officer (CEO) of the company, has taken over as executive chairman while Vikram Limaye will be the new managing director and CEO.

The appointments are subject to approval by the shareholders at the annual general meeting, the statement said.  “We have an excellent team and a robust board,” said Parekh, who is also the chairman of Housing Development Finance Corporation, adding that this was the appropriate time for him to hand over the baton.