HDFC Bank will Seek Approval from RBI For Aditya Puri’s Successor

As per a senior official of the bank, HDFC bank is going to seek approval of RBI for the replacement of the Aditya Puri.

After the December quarter’s results, Sashidhar Jagdishan, executive director, HDFC Bank, said that the board of directors have agreed upon the search firm that is going to help in the process. However, he didn’t mentioned the name of the firm.

“We do have a roadmap or a glidepath as to when the longlist and shortlist of candidates will happen, when the interviews will be slated. I think that kind of granular details have been agreed upon in the board meeting today,” said Jagdishan.

In November last year, Bank had informed the stock exchanges that it has started the process of finding a successor to its longest-serving chief Aditya Puri, whose tenure ends on 26 October 2020.

The bank said that it has a six-member committee comprising board members—HDFC Bank chairman Shyamala Gopinath, Sanjiv Sachar, M.D. Ranganathan, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry—to find the new chief. Aditya puri will be an advisor for this committee. The notice also said, that the company will evaluate candidates to find the suitable one.

In May 2018, Puri told to the analysts that the bank will start finding the candidate for this position. Meanwhile, at the annual general meeting last year, Puri had said that his replacement should be better than him and should not require 18 months handholding for the job.