HDFC Bank sets-up panel to find successor to managing director Aditya Puri

HDFC Bank on Thursday said it has formed a six-member committee to find a successor to Managing Director Aditya Puri who is set to retire in October next year.

India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.

"The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on October 26, 2020," the bank said in a regulatory filing.

The search committee will comprise Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry representative of HDFC, the parent of the bank. Gopinath is the bank's chairperson.

"The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition," the bank said.

Puri will act as an advisor to the search committee, the bank said.

It is noteworthy that Puri, the managing director and chief executive since 1994 when the bank was set up, has seen a whopping 41 per cent increase in total remuneration in 2019 to Rs 13.67 crore.

He turns 70 next year and has been instrumental in getting the bank to its current stature as one of the most valued banks globally in terms of price to earnings ratio.

Also there are reports that Puri, an ex-Citibanker, may continue as the non-executive chairman post retirement.

Separately, the board of directors of the bank also approved appointments of Sashidhar Jagdishan and Bhavesh Zaveri as an additional directors and executive directors for a period of three years period each from November 28, 2019, subject to RBI approval.