HDFC rejigs top, Parekh to step down on Dec 31

Deepak Parekh, chairman and chief executive officer (CEO) of Housing Development Finance Corporation (HDFC), will step down from his executive position by the end of December after serving the mortgage lender for 31 years.

Parekh, who has been at the helm since 1994, would continue as non-executive chairman, HDFC said in a statement. The company also announced changes in its management structure.

Parekh's executive position will be filled by Keki Mistry, who is currently vice-chairman and managing director. Mistry, a 28-year veteran of HDFC, will be re-designated as vice-chairman and CEO.

Under Parekh's 16-year tenure as chairman, HDFC has grown to become a financial behemoth with an asset base of Rs 104,544 crore as on September 30, 2009. Parekh was also responsible for the group's foray into banking with HDFC Bank, India's second-largest private sector bank by assets. He also led the group into asset management, life and general insurance and real estate venture fund.

Parekh is widely consulted by the government on a wide range of issues of national importance and has been a member of various government committees and advisory panels, including those related to financial services, capital markets and infrastructure sector reforms. He was roped in to anchor accounting scam-hit Satyam earlier this year. Parkeh was also instrumental in the revival of Unit Trust of India in late 1990s.

Joint Managing Director Renu Sud Karnad has been appointed as managing director for five years. Karnad has been with HDFC since 1978 and has occupied a board position for the last nine years. She will continue to oversee operations, human resources and communications functions of the lender.

The mortgage financier will also have a new face on its board. V Srinivasa Rangan, senior general manager and chief treasurer, will take a seat on the board as executive director from January 1, 2010, and will oversee resources and accounts functions.