In order to find the successor to managing director Aditya Puri, the bank, HDFC will retain the global executive search Egon Zehnder. Puri is at helm of the country’s largest private lender since 1994. he is also an advisor to the search committee.
On this, a member of committee said- “The latest decision to hire a global advisory firm has been taken after the search committee members realised that they have been struggling to come to a consensus on the final name. The deadline for Puri’s successor is nearing … the bank will have to appoint someone who can continue to push for growth despite an economic slowdown,” As per regulations, the bank will need to get approval from the Reserve Bank of India (RBI), before any new appointment can be confirmed. HDFC Bank is one of three domestic lenders that the central bank has designated as “too big to fail”.
On this comment, Pallavi Kathuria, who is a senior Egon Zehnder official said-
“We do not comment on our work for client confidentiality reasons,”
Parekh has been rooting to reinstate Mr Paresh Sukhtankar who has already resigned as Puri’s deputy in the year, 2018. the preferred choice of Puri includes Kaizad Bharucha, Sashidhar Jagdishan and Bhavesh Zaveri and these three were the HDFC’s executive directors.
“The new successor needs to have a vision to be able to spot opportunities and constantly stay ahead of the curve which is what Puri has been doing,” Suresh Ganapathy, head of financial services research at Macquarie said.