HDFC Bank appoints 6-member search panel to find MD Aditya Puri's successor

The bank has also promoted Jagdishan and Zaveri as executive directors on its board

In a move seen as part of a succession plan for Managing Director Aditya Puri, HDFC Bank on Thursday appointed a search panel of six board members to look for a successor. The bank also promoted Chief Financial Officer Sashidhar Jagdishan and Country Head (Operations and Technology) Bhavesh Zaveri to the position of executive directors on its board.

Puri is expected to hang up his boots in October next year after having spent over two years at the helm of the bank’s affairs.

Jagdishan has been part of the bank’s finance function in a managerial role since 1996. He has also worked in business strategy and strategic initiatives of the bank. Zaveri, on the other hand, joined HDFC Bank in 1998 in the operations function.

In a statement sent to stock exchanges, the bank on Thursday said the appointments were “subject to the approval of the Reserve Bank of India, for a period of three years from November 28, 2019, or for such other period/from such date as may be approved by the Reserve Bank of India.” The bank will also seek shareholders’ approval for the move.

The search committee will comprise board members Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry. Mistry will represent the housing finance entity Housing Development Finance Corporation Limited (HDFC).

Puri would act as an advisor to the search committee as it evaluates internal and external candidates over the next few months for a smooth transition.