HDFC Bank makes two key appointments, forms panel to find MD Puri's successor

Private lender HDFC Bank has appointed industry veterans Sashidhar Jagdishan and Bhavesh Zaverias on the board besides forming a panel to search for a successor to Managing Director Aditya Puri whose tenure ends on October 26 next year.

Both Jagdishan and Zaverias will hold the posts of Additional Director and Executive Director on the bank's board. Their appointments are for a period of three years and subject to customary approvals of shareholders and the Reserve Bank of India.

Jagdishan brings with him 29 years of experience and is currently the Group Head of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

Zaverias has over 33 years of experience and is currently the Group Head for operations, IT and cash management.

Meanwhile, Aditya Puri who has been Managing Director and CEO of the bank since 1994 when the bank was set up, will turn 70 next year. The board of directors has constituted a search committee to identify his successor.

The panel will comprise of Chairperson Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry. It will evaluate internal and external candidates to ensure a smooth transition.

Puri will be an advisor to the committee, the bank said in a statement.

HDFC Bank reported 26.8 per cent jump in its net profit of Rs 6,345 crore during the July to September quarter and improved cost-to-income ratio of 38.8 per cent from 39.9 per cent in the same period last year.