Deepak Parekh steps down as chairman, non-executive director of HDFC Life

The company said that it has appointed Keki M Mistry as the chairman of the Board

Deepak Parekh has stepped down from the role of chairman and non-executive director of HDFC Life Insurance, the company said in an exchange filing on Thursday.

Keki M Mistry is the new board chairman. "Deepak S Parekh has decided to step down as the chairman and non-executive director of the company with effect from close of the business hours on April 18, 2024," said the company.

“The board has unanimously approved the appointment of Keki M Mistry as the chairman of the Board with immediate effect subject to approval of the Insurance Regulatory and Development Authority.”

Mistry, 69, is a chartered accountant (CA) and a fellow member of the Institute of Chartered Accountants of India. He was the vice-chairman and chief executive officer (CEO) of the Housing Development Finance Corporation (HDFC) Limited.

"With the amalgamation of HDFC Limited with HDFC Bank, Mistry superannuated from HDFC Limited and has been appointed as a non-executive director on the Board of HDFC Bank Limited. He is also a director on the boards of several other prominent companies," the company said.

The company also appointed Venkatraman Srinivasan as an independent director. “The board has approved the appointment of Venkatraman Srinivasan as an additional-independent director effective April 18, 2024, for a term of five consecutive years subject to the approval of the shareholders in the ensuing annual general meeting of the company,” it said in the filing.

The insurer also said that V K Viswanathan and Prasad Chandran shall cease to be independent directors after completing two consecutive terms of five years each on April 24, 2024.